It was on the morning of 15th September 2008 that it struck me. The Lehman Brothers management teams were informing London and New York employees that the company had collapsed, and I realised that the financial system as we had known it would change for ever. I was looking out at the scene unfolding in Lehman Brothers' London HQ, right opposite my window in Canary Wharf. It was clear to me that things were going to change significantly for our industry. Government would enter back into the financial system in strength. Regulation would increase and become highly politicized. And the role of compliance would need to change dramatically, from the back office to the front office.
All these things have since come to pass, and in the meantime financial services has faced further challenges to its reputation, from benchmark rigging in LIBOR and FX and market manipulation to money laundering scandals. The world's regulatory authorities are cooperating as never before. In the year that preceded publication of this book, they jointly levied $65 billion in fines on the industry – a 40 percent leap on the year before – and have ended the careers of many CEOs and senior managers.
The regulatory environment has grown overly complex. From just 33 regulatory alerts per day in 2008 we now report some 150 daily on average – that is over 40,000 per year from over ...
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