The Financial Conduct Authority (FCA) spent more than £3m on legal representation in its first nine months in office, according to information published on 3 July.
In response to a Freedom of Information request published on its website, the regulator said it spent £3,029,318 on external help in legal proceedings against firms in enforcement cases, plus an additional £115,126 on 'general counsel'. It was forced to take legal advice in 59 enforcement cases during the period and sought external general counsel 14 times, it said. The payments were made to "external solicitors and barristers in respect of any legal proceedings involving a court or Tribunal hearing between the period 1st April 2013 to 31st December 2013 (and includes any preparatory ...
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