ACCOUNTANCY firm Deloitte is gearing up for changes that will affect Scotland’s financial services sector by hiring a pair of risk experts from Lloyds Banking Group and Standard Life.
David Hare, Standard Life’s chief actuary, and Lloyds insurance division risk officer Donald MacKechnie will join David Claxton’s financial services team as partners.
Claxton said he had recruited the pair to beef up the “big four” firm’s credentials ahead of tighter funding regulations being introduced, including Basel III for banks and Solvency II for insurers.
He added: “The banking and insurance sectors are facing major regulatory changes, but those are also affecting other parts of the financial services sector, such as investment managers.
“Companies are also having to deal with the fallout from mis-selling in the past or changes to systems, so that data can be pulled out more quickly. So organisations are going through a lot of change in Scotland and elsewhere and so need help with making those changes.”
Claxton said there has been a lack of available resources – both within companies and among consultants – to cope with all the regulatory changes that have been thrown at firms since the turn of the century.
“Companies are needing assistance to get projects completed, such as Basel and Solvency, but also when it comes to managing risk and other regulatory changes.”
Deloitte said that Hare, who was recently appointed president-elect at the Institute and Faculty of Actuaries, has been heavily involved in the development and roll out of Technical Actuarial Standards across the profession, as well as being an active participant in the debate around the developing Solvency II regulations.
Meanwhile, Jamie Partridge, who oversees the practice’s asset management business in Scotland and Northern Ireland, has been promoted to partner, while Carole Dick has became a director in the actuarial and insurance services team.