New regulators must show value for money: NAO

Citing a £664m combined forecast cost for 2013/14, the 48-page paper by the comptroller and auditor general revealed a 24 per cent uplift compared with the running costs of the former FSA during 2012/13.

The report found that both regulators were facing challenges in ensuring staff had the range and depth of skills required for the organisations’ expanded remits.

It warned that current levels of staff turnover could undermine industry confidence in the regulators.

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