FSA bumps up annual funding requirement
The Financial Services Authority (FSA) has announced its proposed annual funding requirement for 2010/11 which requires an increase of 9.9% in overall funding.
The FSA said its budget reflects its determination to continue delivering intensive supervision and the substantial international regulatory reform agenda.
It said that the introduction of a "fairer and more transparent fee structure" means 60% of firms will pay less and that the increased cost of intensive supervision will be levied on those firms whose size and impact require the most regulation from the FSA.
The annual funding requirement for 2010/11 is £454.7m, up from £413.8m in 2009/10.
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