Regulatory compliance risk is the risk of material adverse impact resulting from failure to comply with laws, regulations, codes of conduct or standards of good practice governing the financial services sectors in which we operate. Each of our regulated businesses has a dedicated compliance officer reporting to the chief executive of that business who is responsible for supporting the business in meeting its regulatory compliance objectives and for executing risk-based monitoring programmes to confirm compliance.

The activities of these compliance professionals is co-ordinated and overseen on a group-wide basis by the head of Group Compliance.