The Financial Services Authority (FSA) plans to leverage the UK financial sector to enlarge its budget. It also announced that its own budget will swell by 10% to clock £455 million in 2010/11. However, it looks as if an extensive surge in fines and levies may not come across as the most viable option to raise funds.
At present, there is a tendency to increase the charges on bigger companies that require more time for supervision and control. Practically speaking, this move will meet with a hostile reaction from the UK financial sector, with major financial sectors and banks all set to witness a rise in operating costs.
At first, it was assumed that the Conservative party might consider lessening the influence of FSA, or even terminate its operation. However, the FSA’s recent success has made the Conservative/Liberal Democrat government reconsider any such decisions. As of now, the FSA sets all set to receive the complete support of the Bank of England and the UK government.
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