FCA spends £13m on coronavirus so far with costs expected to rise

Hundreds of staff carrying out Covid-related work

Hannah Godfrey
clock • 1 min read

The Financial Conduct Authority (FCA) spent at least £12.8m on coronavirus-related expenses by June 2020, and expects that cost to continue to rise throughout the year, a freedom of information request submitted by Professional Adviser has revealed.

As at the end of June, the FCA's costs specifically related to Covid-19 work were £12.8m, with staff costs of £9.6m and non-staff costs of £3.2m. The FCA noted the above costs did not include the full cost of the work being undertaken in respect of the business insurance review, and it expects its Covid-19 costs to be ongoing throughout the year. PA first asked the FCA about its coronavirus expenditure in May, however the regulator took several months to consider whether it could hand over the information. PA's request for information also revealed an average of 825 staff have been...

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