New UK regulator the Financial Conduct Authority (FCA) on Tuesday announced its annual funding will be £432.1m ($661m), and £559.8m ($857m) when combined with dual regulator the Prudential Regulation Authority – a total 15% rise from the 2012/2013 Financial Services Authority (FSA) budget.
“We are introducing new approaches to the way we do much of our work, becoming much more proactive and consumer focussed,” said the FCA in a release. “Much of the increase in AFR is the result of the additional resources needed to ensure the FCA delivers on its new objectives.”
The FCA said it will focus on tackling market abuse with strong enforcement action, hep ensure strategies are aligned with consumers’ interests and address on-going misconduct.
Monica Gogna, partner at law firm Pinsent Masons, said: “The FCA’s first annual funding requirement highlights the regulator’s aim to create a more “proactive approach” to regulation, this is reflected not just in the increase in fees for high impact firms and medium sized firms but also with the confirmation of the FCA’s wish to increase the size of its front line supervision staff.”