The FSA says it will spend almost £350m on staff costs in the coming financial year after confirming it is hiring an extra 460 individuals to deliver its "intensive" supervisory approach.
In its 2010/11 Business Plan, published today, the regulator says its staff costs will total £346.9m in the 12 months ending March 2011, 16% - or £47.7m - more than 2009/10.
The regulator says it will be hiring an additional 460 staff in 2010 to implement Solvency II and to deliver the supervision required for the very largest firms.
This is on top of the 280 extra staff hired last year as part of its Supervisory Enhancement Programme, which it anticipated would have an annual running cost of £40m.
The City regulator currently hires about 3,300 staff but expects this to increase to around 3,700. It confirms the "majority" of staff will not receive a pay increase in 2010/11.
Staff costs include travel, training, recruitment and pension scheme deficit contributions.
Since 2004, the FSA says it has made "significant" contributions to address the reported £23m deficit. It plans to make contributions of £14m to the scheme, which closed in 2009, in the coming financial year, up from £11.8m in 2009/10. It says it plans to clear the shortfall in 10 years.
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