FSA ethics code to cost £616,000

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.