Bloomberg News

FSA Budget Increases by 10% on Structural Overhaul, U.K. Rules

February 01, 2011

The U.K.’s Financial Services Authority increased its budget to 501 million pounds ($807 million), up from 455 million pounds last year.

The 46 million-pound budget increase is due to the cost of structural changes, implementing fresh legislation and more “intensive supervision of high impact firms” the FSA said on its website today.

The FSA, the U.K.’s financial regulator, is to be abolished by 2012. Protecting mortgage consumers, as well as enforcement of both civil and criminal market-abuse rules, will then be carried out by the Consumer Protection and Markets Authority.

The cost of “managing the transition to two new authorities will continue to put upward pressure on our cost base,” Hector Sants, the FSA’s chief executive, said in a statement.

To contact the reporter for this story: Ben Moshinsky in London at bmoshinsky@bloomberg.net.

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net.


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus