FCA shells out £11.6m on Brexit so far

175,000 man hours spent

The Financial Conduct Authority (FCA) has spent £11.6m on preparing for the UK to leave the European Union so far.

The regulator started work on Brexit in April 2017, when it went to the industry to seek additional funding costs. Between April 2017 and March 2018, the FCA spent £4.2m. From April 2018 to September, it spent a further £7.4m, a freedom of information (FOI) request by Investment Week's sister title Professional Adviser has revealed. Although total expenditure has crept above £10m, the FCA is so far under its £30m budget set out in its 2018/19 business plan. The regulator said it would raise the funds for Brexit through a mixture of reprioritising or reducing non-critical activity, raisin...