FCA operating costs of £761m spiked again last year

As fee income increases

The cost to run the Financial Conduct Authority (FCA) jumped again last year, rising by £92m.

The group's operating costs for 2023/24 were £761.7m, up from £669.7m the previous year. Meanwhile, it reported a £44.8m deficit (2022/23: £52.1m deficit), with reserves dipping from £68.2m to £23.4m as it funded technology investments linked to ongoing regulatory activities. The operating costs hike was primarily driven by increased staff costs, which added an additional £80m year-over-year. As of 31 March, the FCA and Payment Systems Regulator (PSR) had a total permanent staff headcount of 5,257, an increase of 665 on 2022/23. FCA authorisation cancellations doubled last year In ...