Financial services outsourcing: opportunity or threat? | #Luxembourg #Europe #Finance | Luxembourg (Europe) | Scoop.it
From blog.pwc.lu - September 6, 2017 10:35 AM
The Luxembourg government is set to bring more flexibility in how financial institutions outsource certain activities. The Bill of Law 7024 aims at facilitating the implementation of outsourcing arrangements and related handling of sensitive client data. We’ve surveyed several business leaders to see what kind of outsourcing strategies they have or are planning to put in place.

Catching up with neighbouring countries
The strict regulation of professional secrecy requirements has well served its purpose over the last decades. It has supported the development of Luxembourg as one of the leading financial services hubs in Europe. Although confidentiality and risk management remain priorities on financial institutions’ agenda, the changing European context requires a new framework.

With neighbouring countries having had laxer outsourcing policies in place for at least ten years, restrictions can be counterproductive for the Grand Duchy’s attractiveness. The Government has therefore decided to bring some flexibility for outsourcing models and the treatment of client confidential data.

 

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