FSA Increases Budget

The Financial Services Authority is proposing to increase its budget by 15 per cent for 2012-13 (the last year of its existence).

A third of the increased spending will be in respect of costs to split itself into two.

Another £ 22 million will relate to IT spending and the rest relates to increases in inflation and the maintenance of the current headcount.

The £ 578 million will be paid for by the industry with insurers and firms taking positions with their own funds bearing the brunt of the increases.