Regulated firms are likely to be faced with a "potentially significant" increase in FSA fees in 2009/10, its chief executive Hector Sants has disclosed.
Sants was speaking following today's FSA Annual Public Meeting, in which he outlined the regulator's need for additional funding for its Supervisory Enhancement Programme - introduced following the Northern Rock fiasco - which includes a commitment to have minimum supervisory resources for all so-called "high impact" firms. "We're not proposing rising our fees levy in respect of 2008/09 and, if our costs do exceed any collective fees from that period, it would be paid out of reserves; but clearly there are implications for the cost base for 2009/10, which will determine the fees we collec...
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