FSA: Establishing PRA will cost up to £150m

In its annual 2011/12 report published today, the watchdog said creating the PRA - the FSA successor body responsible for the regulation of banks and insurers - will cost the Bank of England and the FSA in the region of £115m to £150m. The PRA, subsidiary of the Bank of England, is one half of the new twin peaks regulatory regime which, along with the Financial Conduct Authority, is set to replace the FSA early next year. Writing in today's report, outgoing FSA chief executive Hector Sants (pictured) said the FSA has made "considerable progress" in developing the twin peaks regime. Th...