Tensions hinder progress in financial services: Research

Persistent tensions between legal/compliance and marketing teams are hampering progress in the financial services sector, according to a survey from compliance software producer Red Marker.

Some 83 per cent of respondents saw their colleagues as adversaries.

A further 81 per cent of Australian marketers felt compliance hindered their work, while 85 per cent found the review process has too many steps.

There were 85 per cent of Australian legal / compliance professionals that believed marketers do not grasp the need for complex compliance rules, and that same amount felt marketers often sought to avoid blame for external content challenges.

Globally, 85 per cent of respondents heard marketing colleagues call compliance rules ‘over the top’, while 83 per cent acknowledged that streamlining reviews by reducing redundancy would improve efficiency.

The survey covered 521 senior legal, compliance, and marketing specialists in the UK, US, and Australia.