The Financial Services Authority last week revealed that it is increasing its proposed Annual Funding Requirement for 2011/12 to £500.5m, up from £454.7m in 2010/11, a gross increase of 10.1%
Half-a-billion quid. Say it quick and it doesn’t sound that much.
The trouble is, it’s half-a-billion quid too much and, in any case, it’s only a fraction of the cost of all the damage it causes, the extra workload on firms and the extra cost generated for clients to pay.
Clients pay this £500m indirectly, but they also pay for the massive extra amounts of form filling, red tape and non-profitable hours spent by the industry in satisfying this out-of-control regulator.
Name and address supplied