Even in today's challenging markets, wealth management continues to be a key focus area for global and national banks. The challenge is to adapt products and business models and shape them in light of the post financial crisis economic and regulatory environment.
The retail banking and wealth management sectors continue to experience political, fiscal, tax and regulatory pressures. International focus on cross-border wealth management, retail banking and compliance with local licensing and marketing requirements has not abated. Regulators are now more intrusively requiring banks to keep more extensive records and to pay more attention to ensuring that clients' money is invested in line with their objectives and financial circumstances, and that they understand investment products and risks. In the UK, financial institutions and wealth managers are in the post RDR world, facing changed business models and pricing structures and moving on to the next wave of regulatory change implementation, including EMIR and AIFMD. Furthermore, the sector is witnessing extensive reshaping and consolidation on a cross border and domestic basis.
The wealth management and retail sectors are key areas of focus for Clifford Chance. We have established a dedicated, cross-practice team to meet all of the legal needs of our clients in this industry, drawing on our experience across investment management, banks and financial institutions sectors around the globe.