The industry will have to cough up costs of £616,000 each year in order to comply with the regulator's ethical code of conduct.
In its Competence and Ethics consultation paper released today the regulator says the cost of complying with its code is around £80 per year for individuals.
Assuming the same cost is incurred for the industry as a whole, this will result in annual cost of £616,000.
The regulator adds only 7% of 780 individuals interviewed said they had incurred a cost from complying with the code.
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