The UK Financial Services Authority (FSA) has spent £474.4mn in total net expenditures for the 2011/2012 year up 5 percent from the prior year but £17.3mn below budget, according to the regulator's annual report.
The surplus for the year to 31 March 2012, was in part due to the FSA not having to call on an £8.4mn reserve fund for economic and business contingencies and a business as usual surplus of £8.9mn.
As part of the regulatory reform programme, the...
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