Prudential Regulation Authority

Non-Executive roles great, but in Financial Services? “No thanks”

Non-Executive roles great, but in Financial Services? “No thanks”

New research suggests that ‘regulation creep’ is deterring NEDs looking at roles in Financial Services

Incoming regulations designed to make company boards more accountable for corporate failings could have a dramatic and damaging effect on the diversity on Britain’s biggest financial services businesses and the way their Boards are run, according to a new report.

Advanced Boardroom Excellence, a leading board effectiveness consultancy, and Tyzack Partners, the international executive search firm, are highlighting that the financial services sector could be in for a shock when it comes to recruiting new blood from 2016 onwards. 

The report, entitled ‘Walking the Tightrope of Board Responsibility – a Difficult Balancing Act’, suggests that the introduction of the ‘Senior Managers’ Regime’ next year could act as a deterrent to and lead to a narrowing of experienced and capable business people considering non-executive directorships at leading financial services companies.