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FSA costs us all half a billion quid – plus the red tape

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.

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Guide: Johnson Fleming produces auto-enrolment checklist

For a job as big as managing the auto-enrolment changes, it’s important to know what has been completed and what still lies in front of you to give you the reassurance that everything is in hand. Getting the planning and project management right at the outset can help you see the path ahead and ensure everyone knows their roles and responsibilities. To help with this, Johnson Fleming has produced a checklist outlining every step that needs to be taken when preparing for auto-enrolment.

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