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Firms will not bear the costs, pledges Sants

Chief executive designate Hector Sants says firms regulated by the Prudential Regulation Authority will not face increased fees to pay for the establishment of the PRA.

Speaking at the launch of a discussion paper on the future regulator last week, Sants said the FSA has taken on 500 additional front-line supervisory staff since the financial crisis.

He said: “You have already paid for a significant expansion of prudential capability in the UK regulatory system. We expect we now have sufficient capabilities and staff numbers to deliver the new model.”

He added that as the regulator’s new technical infrastructure for data collection comes online, simplifying the work the regulator has to do, it may be possible to reduce fees.

Sants said the PRA and market regulator the Financial Conduct Authority will work to avoid a duplication of processes for firms regulated by both bodies.

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