FSA maintains reserve fund

adopting ifrs standards leads the fsa to increase annual funding requirement levied from members

The FSA has increased its annual funding requirement for the current financial year, from an estimated £276.1m to £281m, in order to cover the cost of adopting International Financial Reporting Standards (IFRS). However, the regulator, which is funded entirely by the money it levies from its members, said it is unlikely this will result in any significant changes to individual fee rates. The FSA has kept its reserves constant at £8.8m, a sum at the lower end of its target range, for the past two years though by March 2007 this figure will be reduced to £3.9m through financing the IFRS ado...