FSA ups enforcement spending
The City's financial watchdog is to increase the amount of money devoted to pursuing offenders and enforcement.
The Financial Services Authority has revealed it will spend £20m on enforcement in the financial year beginning April 2004.
The money will come from a total budget of £240.6m and will increase the sums that can be spent on outside help including accountants and lawyers.
The FSA’s chief executive John Tiner said the raised spending recognised the increasing complexity of financial cases.
‘Our business plan for 2004/5 represents a clear alignment between our strategic aim to maintain efficient, orderly and clean markets and to help retail consumers achieve a fair deal, our regulatory priorities and the new operating model through which we will deliver these priorities,’ said Tiner.