It says it is spending 40m on supervisory enhancement. Chairman Adair Turner says: “The more intense regulatory approach which we do believe essential will inevitably involve a significant increase in resources and significant increases in fees.”
The FSA says it will also focus on improving the effectiveness of a European regulatory regime and strengthening regulatory cooperation on a global scale.
Turner says the FSA needs to review a “wide range” of regulatory policies, which he says should be agreed at an international level. He says: “Our participation in international forums such as the Financial Stability Forum and the Basel Committee and their various sub-groups has increased in importance.
“In March, we will publish the major review of the regulation of banks and bank-like institutions which the Chancellor asked me to conduct when I took over as chairman.”