Staff costs dominate FCA's £430m budget for 2013/14

Just under a third of that amount - 30.3% - will be met via levies on investment, mortgage and general insurance intermediaries. Most of the £432.1m will go towards meeting the new regulator's £261.3m staff costs, it said. The figure represents a marked drop on the amount required by the Financial Services Authority last year, when its budgeted costs were £578.4m. The FCA plans to spend a total of £445.7m on ongoing regulatory activity in 2013/14, which includes staff costs and other fees, with £2.6m also required to fund regulatory reform implementation and £3.3m for recovery of s...