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FCA falls into £2.9m deficit & spends £3.3m on RDR

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FCA falls into £2.9m deficit & spends £3.3m on RDR

The Financial Conduct Authority (FCA) made a loss of £29.3 million over the year with the money it spent on the retail distribution review rising.

According to its annual report for the year to 31 March 2014, the financial watchdog had a deficit of £2.9 million at the end of the year versus a surplus of £22.8 million in the previous year.

The loss was partly due a decline in fee income, which fell from £449 million to £435.4 million. This reduction was driven mainly by the FCA returning an extra £8.9 million to fee payers.

It also registered an actuarial loss of £26.4 million in relation to its defined benefit scheme, although this was narrower than the £43.9 million loss in 2013 due to 'actual experience against the assumptions being closer than the prior year'.

Meanwhile 'Other' income increased from £16.7 million in 2013 to £35.4 million in 2014.  

Elsewhere operating costs fell from £528.2 million to £434.5 million, thanks in part to a decline in regulatory reform costs from £31.6 million to £2.6 million.

However, RDR costs rose from £2.4 million to £3.3 million.  

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