Rising compliance costs worry wealth managers

Wealth managers and private banks in Asia cite increasing compliance costs as their number one concern over the next two years, according to a PwC survey released yesterday. They are struggling to keep up with the pace, scale and cost of current and planned regulatory changes such as the Foreign Account Tax Compliance Act (Fatca), set to be implemented in January 2014. Respondents estimate that risk and regulatory compliance will account for 10% of their annual revenue in two year…