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FCA funding needs rise by £6.3m to £452m

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FCA funding needs rise by £6.3m to £452m

The Financial Conduct Authority’s budget has increased by 1% to £452 million.

The £6.3 million increase was revealed in the watchdog's annual business review.

The finanical watchdog said the increase would be directed towards five areas.

* the cost of core operating activities

the total amount we charge the industry to fund our plans

* The development of information systems to deliver new regulatory and operational requirements

* The costs of delivering the new consumer credit regime and setting up the new Payment Systems Regulator

* The new competition objective

'We will be increasing our headcount to help us deliver our competition objective and consumer credit regulation. This includes those people transferring over to us from the Office of Fair Trading,' the FCA said in a statement.

'We will focus on integrating new staff, making the most of their skills and experience while ensuring that their career development here aligns with our culture and the value we place on continual personal improvement.'

The review is being published at a tricky time for the FCA, which has come under fire over the way it handled news it was launching a probe into closed life funds sold between 1970 and 2000.

The news wiped £2.4 billion off the value of insurers and Friday and the Association of British Insurers is understood to be writing  to chancellor George Osborne calling for the resignation of FCA head Martin Wheatley.

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