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More outsourcing to come for financial services sector, says report

Nearly half of financial services firms are planning to increase their outsourcing of operations, a survey by the Management Consultancies Association has found.

The MCA surveyed members of the British Bankers’ Association and found that 41 per cent planned to outsource more of their business.

Of the respondents, 90 per cent had already outsourced part of their business operations while nearly a third had moved some of their business operations offshore.

89 per cent of respondents who had outsourced some of their operations do not think that many jobs in had been lost as a result, while 58 per cent believe that outsourcing has made the organisation more competitive.

MCA think tank director Fiona Czerniawska says: “While innovation and creativity is exciting, the credit crunch has also created something of a wake-up call to the financial services sector.

“Many institutions which have so far ignored the benefits of outsourcing are being forced to revisit it because of financial constraints and liquidity problems.”


Relief road blocked

Advisers and consumers should be concerned at the news that HM Revenue & Customs is trying to reduce the time period for reclaiming overpaid tax from six years to four.

Panel fears RDR will hit small firms

The Smaller Businesses Practitioner Panel has warned that the retail distribution review may force some small firms out of business and push up regulatory fees.


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