FSA two-year restructure to cost £12.3m

In a CEO letter, FSA chief executive Hector Sants today outlined further details on how the transition to the Prudential Regulation Authority (PRA) and the Consumer Protection and Markets Authority (CPMA) will work. He writes while the regulator has already begun consulting on its costs for the project in its 2011/12 budget, it now expects to spend a £1.4m on the transition from 'existing funds'. This means the FSA's estimate has climbed from £10.9m, as outlined in the budget, to £12.3m before 2012. Meanwhile, Sants explains the regulator will have to "reprioritise" its work-plan t...