Published on : May 21, 2015
According to reports, the global financial industry is witnessing a steep rise in regulatory complaints cases. A majority of firms in the industry today are engaging a considerable amount of their time in addressing the regulatory requests or attending enforcement proceedings. The information was obtained from the recent data.
A prominent global law firm Norton Rose Fulbright conducted a research to study the legal claims of leading banking and financial service companies. The findings of this research revealed the legal claims from financial service and banking companies have exhibited a remarkable increase in the past few years owing to which the firms are dedicating more time to address such issues.
The study is titled, “Litigation Trends Annual Survey 2015” and it is a 68 page report. According to the survey, financial and banking disputes were more common in the United Kingdom than any other region of the world.
For the purpose of research the firm surveyed over 800 respondents representing their respective banking and financial institutions from across twenty six countries around the world. All these companies were facing dispute related concerns and issues for the past couple of years now. The continuous rise in the number of disputes has increased the concerns over the cases which might occur in future. The report revealed that almost 21 per cent of the UK respondents have considered these disputes as a top issue.
The report states that in the last three years sixty-seven per cent of the respondents in United Kingdom spent more time on litigation as compared to the fifty per cent of their global counterparts.
Fos made a formal announcement of increasing staff due to the steadily rising number of PPI related complaints.