FSA outlines Basel II costs
The UK’s Financial Services Authority has outlined the cost of regulatory enforcement of Basel II in that country for the first time.
According to a document recently posted on its website, ‘Funding of Basel 2/CRD firm-specific implementation work in FY2005-2006’, the regulator has already spent about £2.3 million in fiscal year 2004-5, which equates to about 25 person years. This covers all direct staff costs - including pensions and flexible benefits but not overheads - and the cost of external training packages. The regulator raised £1 million from the industry from a special project fee that year to help contribute to the
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