The FSA is to raise their fees by up to four times the inflation rate. The fees paid by financial services firms to bankroll their regulators will increase by 8.8 percent, and some firms will have their fees raised by up to 17.5 percent.
“Those who pay our fees will benefit from having a regulatory system which focuses increasingly on achieving desired outcomes and from dealing with a more efficient, more responsive, better-focused organisation,” says John Tiner, the Chief Executive of the FSA. “Consumers will benefit from firms being more attuned to their needs and will receive appropriate information, while the financially excluded will benefit from a more active programme to increase their understanding of financial matters.”
The FSA is aiming increase their budget to 300.1 million. The money raised will be used to update their computer systems and improve the amount they spend on education in the financial industry.