The UK Financial Services Authority (FSA) has
said that regulatory funding will see a 10% increase until 2012,
rising from £454.7million to £500.5million.
The FSA said in its latest business plan that
the increase will be borne by larger companies, reflecting the
recently increased resources applied to intensive supervision of
high impact entities.
But enforcement fines levied by the regulator
over the past year will mean that companies will, in total,
pay 2% less in regulatory fees in the coming year.
In the 2011/2012 business plan the FSA said
that due to the cost of regulatory reform it is not planning any
new regulatory initiatives and will cap the headcount at the
current level.
“The 2011/12 business year for the FSA will be
a difficult one. We have to ensure that we are operating
effectively as a supervisor as well as taking forward the key
policy initiatives,” FSA chief executive Hector Sants said.
The coming year is also marking the
restructuring changes to the FSA that were announced by the UK
Government last year. The changes will restructure the FSA into the
Prudential Regulation Authority (PRA) and the existing FSA legal
entity will become the Financial Conduct Authority (FCA). The
changes are expected at the end of 2012 or early 2013.
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