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Tory proposals will increase costs for industry

The Conservative party says its proposals to scrap the FSA and hand greater power to the Bank of England will see industry levies for financial regulation rise.

The Tory White Paper, published today, calls for the abolition of the FSA with prudential powers passed to the Bank of England and a new body, the Consumer Protection Agency, set up to regulate advisers.

But the Tories admit that the reforms will see levies rise for firms due to a need for higher-calibre regulators.

The White Paper states: “Experienced regulators are highly sought after in the private sector, therefore we will also ensure that the Bank has sufficient resources to offer salaries that are sufficient to recruit and retain high-quality regulators.

“This will mean increasing the industry levy, which will continue to cover the cost of financial regulation under the new arrangements. Clearly it is unrealistic to imagine that regulatory salaries can ever match the highest salaries in the private sector, but we need to narrow the gap.”

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