Regulator's RDR costs jump 38% in a year

The Financial Conduct Authority (FCA) spent £3.3m on overseeing the Retail Distribution Review (RDR) last year, according to its annual accounts, a 37.5% increase on the cost of the rule change before implementation.

Part of its ongoing regulatory activity costs for the year of £434.5m were due to oversight of the RDR, which cost the FCA £3.3m - up from £2.4m in 2012/13. However, its 'regulatory reform' costs were down significantly - having cost the FCA £2.6m in the year ending March 2014, compared with £31.6m in 2013, the year of the implementation of RDR. The FCA posted an operational deficit of £2.9m and a comprehensive pre-tax loss of £29.3m this year after a pension scheme deficit of £126.4m. The regulator collected £435.4m in regulatory fees from the industry and an additional £35.4m fro...