Regulator says extra costs will pay for 'essential' work only
The FSA has confirmed a hike of nearly 10% in its annual buget.
The regulator has announced that its funding requirement will increase from to £454.7m in 2010/11 up from £413.8m in 2009/10- a 9.9% rise.
The budget reflects the FSA’s determination to minimise any fee increases by concentrating on what it describes as “essential areas of work”, including the implementation of the Solvency 2 review of the EU’s insurance industry capital adequacy regime.
The FSA has also defended the hike on the grounds that the introduction of new fee structure means 60% of firms will actually pay less with the increased cost of intensive supervision levied on those firms which require the most regulation.
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