FCA increases budget to tackle Brexit costs

Andrew Bailey

The regulators annual funding requirement for 2017/18 is £526.9m, an increase of 1.5%. The increase has been driven by a 1% increase in the regulators core operating costs to £5.1m, and £2.5m for the UK’s withdrawal from the European Union. The financial watchdog announced the changes in its business plan for the coming year, published Tuesday. Andrew Bailey, pictured, CEO of the FCA said: “We have tried to absorb the costs of Brexit by reallocating our business as usual resources where we