A CRITICAL EVALUATION OF THE COMPLIANCE ADMINISTRATIVE CONTROL SYSTEM WITHIN ALBERT E SHARP AND ITS MOTIVATIONAL IMPACT UPON THOSE IT IS SUPPOSED TO CONTROL
| Pages | 28-35 |
| Published date | 01 January 1995 |
| Date | 01 January 1995 |
| DOI | https://doi.org/10.1108/eb024824 |
| Author | GARY HAGLAND |
| Subject Matter | Accounting & finance |
A CRITICAL EVALUATION OF THE COMPLIANCE
ADMINISTRATIVE CONTROL SYSTEM WITHIN ALBERT Ε
SHARP AND ITS MOTIVATIONAL IMPACT UPON THOSE IT
IS SUPPOSED TO CONTROL
Received:
16th August, 1994
GARY
HAGLAND
GARY
HAGLAND
DP
COMPLIANCE
(ΕΧΟΝ)
MIOD
MIMGT AMSI
ENTERED THE THEN FLEDGLING AREA OF
COMPLIANCE IN 1985 AFTER LEAVING THE
ROYAL HONG KONG POLICE FORCE WHERE HE
HAD SERVED IN CRIMINAL INTELLIGENCE FOR
SOME SIX YEARS, MONITORING CHINESE
ORGANISED CRIME
ACTlVITIES
AND
ASSOCIATED MONEY-LAUNDERING
TECHNIQUES. HE JOINED THE LONDON STOCK
EXCHANGE SURVEILLANCE DIVISION
INVESTIGATING INSIDER DEALING AND
ASSISTED IN THE DEVELOPMENT OF THEIR
INTELLIGENCE DATABASE. IN
1987
HE JOINED
MERRILL LYNCH EUROPE/MIDDLE EAST AS
THEIR OPERATIONS CONTROLLER. BEFORE
WORKING WITH ALLIED PROVINCIAL
SECURITIES WHERE HE SERVED AS THEIR
DEPUTY GROUP COMPLIANCE OFFICER FOR
FOUR YEARS UNTIL JOINING ALBERT Ε SHARP
& CO IN SEITEMBER 1991 AS THEIR ASSOCIATE
DIRECTOR OF COMPLIANCE.
ABSTRACT
1986 (FSA)
was
amended by
incum-
bent on
self-regulatory
organisations
(SROs) to have a satisfactory mechanism to
take account
of cost
factors
in
compliance.
Critically,
however,
published regulatory
guidelines for
the assessment
of
cost
of
com-
pliance
fail to
address
a
key and
funda-
mental quantitative aspect
of
the entire
industry equation — that
of
people and the
impact of a
compliance based control
administration upon their individual
pro-
fessional
motivation.
This paper attempts
to
evaluate
critically
such
a
compliance
administrative control
system
on the
employees of an
FSA authorised financial
institution.
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