Regulation is nothing new for the banking world. Current levels, however, are. After the financial crisis so brutally exposed the shortcomings of the global financial system, an inevitable barrage of legislation followed, as law-makers attempted to close loopholes, patch up vulnerabilities and ensure that the events of 2008 would not be repeated.
Much of this, even bankers will admit, was sorely needed. After all, there is no doubt that mistakes were made and unsafe practices indulged in during the boom years. But now, regulatory demand is being heaped upon demand, requiring even the most innocuous of business segments to comply with a mass of legislation that is unprecedented in scope, complexity and sheer scale.
