FSA expenditure under budget in its final year
The Financial Services Authority (FSA) expenditure for the year ended 31 March 2013 came in slightly under budget.
According to its final annual review, the regulator spent £528.2m on ongoing regulatory activities, resulting in a surplus of £8.2m against the budget of £536.4m. It raised £568m in fees during the same period.
The FSA spent £28.7m on regulatory reform implementation and £6.1m on activities that represented additional scope.
Staff costs came in at £380.7m, which exceeded the budget by £15.4m.
The watchdog attributed this to its decision to make a one off £22m contribution to “reduce the defined
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