NAO report: FSA must get a grip on its finances
First NAO report into City watchdog offers some stinging criticisms
The Financial Services Authority, needs to have tighter control of how it
spends its £270m budget, the National Audit Office has said in its first ever
report examining the City watchdog.
The NAO revealed the FSA does not know how much it spends fighting fraud,
money laundering and insider dealing even though this is one of its four
It estimated that the FSA spends about £25m a year in this area, or just
under 10% of its budget, but said watchdog could improve the effectiveness with
which it used those resources which it did commit.
The NAO also said the FSA needed to work harder to demonstrate the impact it
was having and streamline the advice it gives to the financial community and