The FSA will collect £276.1m in fees to fund its operations for 2006/07. The news comes as the FSA annual report revealed that John Tiner, FSA chief executive, received a total remuneration package worth more than £570,000 for his regulatory work.

Tiner, who is paid an annual salary of £400,000, was also given benefits totalling £104,619 and a bonus of £68,000.

Callum McCarthy, FSA chairman, was rewarded with a remuneration package worth £436,142, made up of a £355,537 salary and benefits in excess of £80,000. The FSA said McCarthy's annual salary took into consideration his three months work as chief executive in addition to his part-time role as chairman.

In the last year the FSA has regulated 28,969 firms and handed out fines worth more than £17m. The largest fine, £13.9m, was slapped on Citigroup Global Markets.

Of those regulated firms the FSA's enforcement division closed 227 investigations, using its powers against 81 firms and issuing private warnings to just 12 financial companies.

"It is in our interest as much as that of those we regulate that all our processes are, and are seen to be, fair and efficient," McCarthy said.

"We have put in place systems designed to make it easier for those affected by our decisions, whether supervisory or enforcement, to comment on how those decisions have been made and implemented."