FSA requests over 10% increase in funding
The Financial Services Authority (FSA) has asked for a 10.1% gross increase in annual funding for 2011/12 to £500.5m, up from £454.7m in 2010/11.
The watchdog said the increase will be borne by larger firms, reflecting the resources applied to intensive supervision of high impact firms.
It added that the enforcement fines imposed during the previous year will be returned to the industry by way of discounts to fees. In total firms will pay 2% less than last year.
The FSA further stated that the gross minimum fee for firms will remain unchanged from last year but, taking into account the enforcement fines discount, the net minimum fee will
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