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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

PA360 2025: In pictures

PA360 2025: In pictures

Professional Adviser's flagship conference returned to London this month

Professional Adviser
clock 12 May 2025 • 1 min read
Trial of former Titan Wealth employee rescheduled as defence prepares abuse of process argument

Trial of former Titan Wealth employee rescheduled as defence prepares abuse of process argument

Prosecution ready to proceed but court agrees to delay trial until late August

Sahar Nazir
clock 09 May 2025 • 2 min read
Professional Adviser TV: Female leadership and overcoming business barriers

Professional Adviser TV: Female leadership and overcoming business barriers

With WIFA winner and short lister Frankie Smith

Professional Adviser
clock 09 May 2025 • 1 min read