FSA to cap headcount as it prepares for restructure
The Financial Services Authority (FSA) has published its business plan setting out the priorities for 2011/12 and implications for its budget.
The FSA's annual funding requirement for 2011/12 is £500.5m, up from £454.7m in 2010/11, a gross increase of 10.1% in overall funding. The regulator said the increase would be borne by larger firms, reflecting the recently increased resources applied to intensive supervision of high impact firms.
However, the FSA said the enforcement fines it had imposed in 2010 would be returned to the industry by way of discounts to their fees this year meaning that in total firms will pay 2% less than last
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