UK regulator wants more funding

UK financial services regulator; FSA has requested increase in its budget on the back of changes in the way it regulates financial services in the UK.

The FSA has proposed to hike its annual costs by 15.6 per cent from £500.5m for 2011/12 to £578.4m for 2012/13. This follows a 10 per cent increase last year.

However fees for advisers not holding Client Money this year have fallen by 3 per cent from a total of £39.7m to £38.4m. Fees for advisers holding client money have dropped 19 per cent from a total of £49.7m to £40.2m.

The FSA has published its consultation paper on fees and levies for 2012/13 today. The paper reveals the total Money Advice Service budget for 2012/13 has almost doubled from £43.7m for 2011/12 to £86.8m in 2012/13.

UK financial services were regulated jointly by the FSA and Bank of England, it is thought that the BOE will re-enter the supervisory market and regulate institutions.

The FSA regulates UK FX & CFD brokers including FXCM, Gain Capital. Recent arrivals from Asia Pacific include; Valbury Capital (Indonesia) and Hirose (Japan).

The FSA gave out a hefty fine to City Index for client reporting errors.

Forexmagnates team reviewed the Frank Dodd and MIFID 2 rulings in the latest Q4 quarterly report 2011.