FCA announces £430m funding requirement
The Financial Conduct Authority (FCA) has announced an annual funding requirement (AFR) of £432.1m for 2013/14.
The combined AFR for the FCA and the Prudential Regulation Authority (PRA) totals £646.3m, a 15% increase on the Financial Services Authority’s 2012/2013 AFR of £559.8m.
According to the regulator, the main reasons for this increase are the costs of increasing front-line supervision staff, an increase in IT costs and an increase in central support services costs.
With the PRA moving to new premises and the FCA retaining "sufficient capacity to absorb the additional people required", total
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