Regulatory reform costs of the former regulator, the Financial Services Authority (FSA) more than doubled in the last year of its operation and could in future be levied on firms, the FSA annual report has revealed today.
The cost of overhauling the regulator reached £28.7m in the year to 31 March 2013, compared with £11.4m in 2012, according to figures published in the FSA's last annual report. An FCA spokesperson said: "These are one-off costs that are purely associated with the move from the FSA to the FCA and PRA. That regulatory implementation is not something that happens every year. I would not expect to see the costs grow year on year in the future." However, should the costs continue, the regulator said they are likely to be included in the regulator levy and split across the fee blocks of the...
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