The Money Advice Service plans to spend over £13m on staff costs and more than £2m on its online healthcheck service this year.
Last week, the FSA published its policy statement on regulatory fees for 2011/12.
The MAS, which launched in April, has a £43.7m budget for the year, which is funded by a statutory levy on the financial services industry.
A breakdown of the budget shows the MAS has allocated £13.5m for staff and associated costs and a further £9.7m for the delivery of face-to-face, phone and print advice. The delivery of online advice is costed at £3.4m.
The online healthcheck service, which will provide a personal financial action plan, is budgeted at £2.1m.
The Consumer Financial Education Body, which preceded the MAS, had a total budget of £32.9m for 2010/11.
The MAS was unavailable for comment.
The FSA’s policy statement also confirms the regulator’s annual budget for 2011/12 is £500.5m, an increase of 10 per cent on the £454.7m budget for 2010/11.
Feedback from earlier fees consultations, published in last week’s paper, shows three respondents raised concerns over the rise in the FSA’s budget and the “continued spiralling of indirect costs” from initiatives such as the mortgage market review and the RDR. But the FSA insists £500m is needed to meet its objectives for the year.
It says: “We accept there are indirect costs of regulation apart from costs recovered through fees. These indirect costs will inevitably arise from our interventions in financial markets, such as through the MMR and RDR. These costs are considered relative to the benefits of such interventions.”
Evolve Financial Planning director Jason Witcombe says: “Advisers have to hope that the FSA has decent control over its costs. The answer to a problem should not always be to throw more money at it.”