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Financial institutions are increasingly using outsourcing, but many are reluctant to take the offshore route, writes Huntswood’s David Brownlow.
Staying home - Part 2 |
Part 1
It is easy to foresee a situation where, in the interests
of enforceability, offshore outsourcers will be required to
have a UK branch and representatives in order to obtain a
licence to provide services to UK financial institutions.
This could have the effect of driving some of the smaller
offshore players out of the UK market.
Necessity
Notwithstanding concerns over regulatory compliance and
accountability, outsourcing remains a necessity for financial
institutions endeavouring to remain profitable in the face
of depressed stock markets, tightening regulation and intense
competition.
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Consultants' Advisory 2004
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