FDs want stability on red tape – Simpson
STABILITY in the regulation faced by finance directors is as important as the volume, according to Squire Sanders partner Mark Simpson.
Business people regularly complain about the “red tape” they must deal with but Mr Simpson said frequent changes in rules and regulations were often the more problematic.
Finance directors take a leading role in ensuring their organisations comply with myriad of rules facing businesses and their achievements will be celebrated at the Yorkshire Finance Director of the Year Awards later this year.
“For people in business, regulation is a fact of life. What they really want is stability,” said Mr Simpson.
“There are two sides to regulation. The side people don’t complain about is providing access to markets and a level playing field but what they do complain about is rules restraining their flexibility.
“I think there is a difference in perception between small businesses who don’t have the resources to absorb all this stuff and large businesses that would in effect carry an overhead to deal with it.”
Mr Simpson said in his area of expertise, taxation, that new rules on tax breaks often started as broad statements of principle that were subsequently surrounded by masses of detail.
“For businesses it means they probably look at what’s on offer and tend to discount its value and see it as headline grabbing with the amounts available not really materially significant.”
Squire Sanders is a sponsor of the Yorkshire Finance Director of the Year Awards along with Sewell Recruitment Group and Ernst & Young.
The awards categories are:
- Best FD of a Ltd company (under £50m turnover)
- Best FD of a Ltd company (over £50m turnover)
- Best FD of a plc
- Young FD of the Year (up to 40 years of age)
- Best FD of a private equity-backed business
- Outstanding achievement award
For further information on the awards, categories and tickets, visit www.fdawards.co.uk.
