FSA cuts fee contribution to pension deficit

The FSA has reduced the contribution made to its pension deficit from member firms' fees, having tak...

The FSA has reduced the contribution made to its pension deficit from member firms' fees, having taken out a bank loan over the past year. In its document Regulatory Fees and Levies, the authority, which usually sets aside £6m each year to contribute to its pension pot, will reduce the sum to £2.5m in the next tax year. Last year, the regulator used surplus income raised through levies to pay £9.4m into its pension fund. However, the FSA also took a £100m revolving credit facility contract with Lloyds TSB, which allowed it to pay an additional £20m into the pension. "To spread the impac...