The FSA has said the cost of establishing internal professional standards could be more than £5m.
As set out in today's professionalism consultation paper, the FSA says initial costs of establishing professional standards now stands at between £3.9m to £5.1m. In its December paper, the regulator said initial costs of recruiting and training staff and running a project team would amount to between £2.3-2.5m. This amount remains unchanged. But it says the one-off cost of establishing an IT system has increased from an initial estimate of £0.5m-1m to a range of £1.2m to £2.2m. Additionally, the regulator says "the cost of each notification by firms of various information on each a...
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