FSA raises fees and intensifies oversight

Regulated firms will face higher fees as the Financial Services Authority (FSA) intensifies its oversight of large financial firms in the next 12 months. On reporting its business plan for 2009/10, the FSA said it will boost staff levels and resources to meet the challenges facing the financial services industry over the next year. However, the FSA said fee increases would be targeted at higher risk firms and that the level of the increase has been slightly mitigated by the increase in the collection of regulatory fines during the year to date.