FSA costs top £1bn a year
The Financial Services Authority (FSA) has cost the UK’s financial sector over £1bn in the past year, according to experts.
Hargreaves Lansdown reviewed FSA consultation papers published between October 2010 and October 2011.
It found that the total for ongoing costs ranged from £1.12bn to as much as £1.43bn. The company added that one-off implementation costs were at least £253m and could be as high as £323m.
The investment services provider based these figures on the FSA’s own regulatory cost benefit analyses.
In a statement, Hargreaves Lansdown said these costs will have to be met every year from now on, and
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