View more on these topics

Cost of FSA’s budget increase falls on largest firms

The proportion of the FSA’s budget being funded by small firms has fallen by almost 50 per cent since 2008/09.

Figures in the FSA’s Business Plan, published this morning show in 2008/09 small firms contributed 31 per cent of the regulator’s budget while in 2012/13 that figure is only expected to be 16 per cent.

Over the same period the proportion paid by the ten biggest firms went from 17 per cent to 31 per cent.

The shift is to take account of the new approach to regulation currently under development which will see the regulator focus more heavily on firms that are more likely to have a serious impact on financial stability should they run into trouble.

In 2008/09 the 10 biggest institutions accounted for 17 per cent of the FSA’s budget. The 11th to 100th biggest companies contributed 24 per cent, while the 101th to 1000th biggest firms paid 29 per cent of the regulator’s costs. The smallest companies were responsible for 31 per cent of what the regulator spend that year.

In 2010/11 the 10 biggest institutions accounted for 28 per cent of the FSA’s budget. The next 90 biggest companies contributed 28 per cent, while the 101th to 1000th biggest firms paid in 25 per cent of the regulator’s funds. The smalles companies were responsible for 18 per cent of what the regulator spend that year.

In 2012/13 the 10 biggest institutions will account for 31 per cent of the FSA’s budget. The 11th to 100th biggest companies will contribute 29 per cent, while the 101 to 1000 biggest firms will pay 24 per cent of the regulator’s funds. The smallest companies will be responsible for 16 per cent of what the regulator spend that year.

Recommended

5

Personal statements will tell taxpayers where their money goes

In tomorrow’s Budget Chancellor George Osborne will reveal plans for income taxpayers to receive a detailed breakdown of what they pay and how Government spends the revenue. According to the BBC, the statements will be introduced in 2014 and will set out how much people pay in direct taxation such as income tax and national […]

Early access to pay for deposit on first home

The Government should consider allowing people early access to their pension savings to fund deposits for their first home, according to the work and pensions select committee. The committee’s report into auto-enrolment, published last week, says evidence from New Zealand’s KiwiSaver scheme suggests the idea could make pensions more attractive and lead to lower opt-out […]

Founder Ronaldson leaving Intrinsic

Intrinsic deputy chairman and group marketing director Kevin Ronaldson is leaving the firm after more than five years. Ronaldson was one of six founders who set up Intrinsic in 2006. He will leave at the end of April after the firm’s national members’ meeting. Intrinsic says it has no plans to replace Ronaldson. Money Marketing […]

Hard look at issue of footprints

The FSA is looking at lenders’ use of hard footprints when checking potential borrowers’ credit records. The majority of lenders now use hard footprints when checking credit, which many claim can be damaging as it can be seen by other lenders. When soft footprints are used, only the lender and borrower can see the search. […]

Choose life…

Sarah Scott  – Marketing Consultant, Royal London  This month sees the return of Renton, Sickboy, Begbie and Spud in the sequel to the film Trainspotting. Just over 20 years later, we return to see exactly how life treated the characters whose lifestyle was less than ideal back in 1996. Did they choose a job, choose […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment