NAO to scrutinise 'shaky' RDR cost-benefit analysis

AIFA director general Chris Cummings says questions about the regulator's budget "have tended to be the last ones asked" but claims it will now be held accountable for its actions. The FSA's total budget now stands at over £400m per year, but the regulator estimates the RDR's implementation will include one-off costs of £2m and ongoing costs of £1.2m. Furthermore, an independent Professional Standards Board (IPSB) set up to oversee, among other proposals, the RDR's new minimum qualification requirements and to come up with a new code of ethics has been estimated to cost about £35m a y...