City hit by £1.4bn a year bill for new FSA red tape

Regulations introduced over the past 12 months by the FSA will create compliance costs of £1.1bn to £1.4bn annually, according to figures compiled by Hargreaves Lansdown. The figures are taken from FSA consultation papers from October 2010 to October 2011, which show the costs the UK's financial sector will have meet every year from now on. Cost benefit analyses included in the papers also show the industry will have to pay total one off costs ranging from £253.2m to £323m. Hargreaves Lansdown said the FSA has launched 18 separate consultations on changes to the law since last Octo...