Budget rise of 7.1%

In the FSA’s business plan for the coming year, published this week, it discloses that its budget will rise by a hefty 7.1% compared to last year, leading to an inflation-busting 6.9% increase in the total fee burden on regulated firms.

Chief executive Hector Sants seems unconcerned about the rather large hike in fees. “Given the increased risks with which the FSA has to deal, [I believe] it will be supported by our fee-payers,” he says optimistically.