Sants: If society wants results, it's going to cost

In its 2010/11 Business Plan, announced today, the FSA confirms it is upping its annual funding requirement by 9.9% to £454.7m. It also confirms it will be recruiting an additional 460 staff in 2010 to implement Solvency II and to deliver the "intensive" supervisory approach needed for the very largest firms. This will lead, it says, to a 16% jump in staff costs, to £346.9m. The regulator last year hired 280 extra staff as part of its Supervisory Enhancement Programme, which it expects will have an annual running cost of £40m. Sants says: "If society wants a more proactive approac...