According to a survey recently conducted by City law firm DLA Piper Rudnick Gray Cary, around 33% of FTSE 500 companies in the UK expect to face a regulatory investigation within the next year.
The survey results, reported on by the Law Society's Law Gazette news service, also revealed that the number of UK firms seeking specialist legal advice on regulatory compliance has doubled since 2002, to 75%.
However, a significant number of the FTSE 500 respondents stated that they would continue to be advised on such matters by their usual corporate law firm, or by an accountancy firm or management consultant, a finding which the head of DLA's legislative and regulatory group, Neil Gerrard responded to with disbelief.
"How daft can it be that non-specialists are dealing with these issues? You can get enthusiastic amateurs having a stab at regulatory issues. But what could be more important than, for example, making sure you are not disqualified as a director?" he observed, according to the Law Gazette.
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