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Regulation costs set to rise

The cost of regulating the financial services industry will rise 2.3 per cent in April to £162.5m a year, according to the Financial Services Authority.


The FSA&#39s budget will rise again in October when new sectors such as lawyers who give financial advice come under its aegis.


In a statement the FSA said it “had a heavy workload during the year” but “the budgeted cost of regulation is broadly flat in real terms.”


FSA chairman Howard Davies said: “We are fulfilling our commitment to the industry and to consumers not to increase the real direct costs of regulation.”

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