Regulation  

Regulators splash the cash post-crash

Data published by Kinetic Partners, a global financial services advisory firm, showed that the US Securities and Exchange Commission, the UK’s FCA and the Securities and Futures Commission of Hong Kong racked up a total of $2.4bn (£1.43bn) in 2012/13, around $900m more than the $1.5bn (£890m) spent before the financial crash in 2006/07.

Spending rises at the FCA, however, were moderate compared to its foreign counterparts. Expenditure at the UK regulator increased by 48.4 per cent compared to 61.9 per cent at the SEC and 120.2 per cent at the SFC.

Julian Korek, chief excutive officer at Kinetic Partners, said the rise in expenditure was symptomatic of “growing pressure” to “deepen scutiny” of those working in the financial sector following the 2008 economic crash.

Article continues after advert