Charles Randell, chairman of the Financial Conduct Authority (FCA), revealed the cost of getting the industry's regulation ready for Brexit.
Kicking off the FCA's annual public meeting at the QEII Centre in Westminster today (11 September), Mr Randell said the City watchdog was an organisation that was strongly committed to delivering public value.
But as the UK moves closer to exiting the European Union, Mr Randell – who replaced John Griffiths Jones earlier this year as chairman - said the FCA will continue to devote a considerable part of the watchdog’s resources to Brexit.
In total, Mr Randell said the FCA identified it needs an EU withdrawal budget of some £30m to cover work to achieve operational readiness for the UK’s exit.
Mr Randell said: "I think it is important to say that meeting this funding requirement has required us to take difficult decisions elsewhere.
"Nonetheless, I want to stress that the FCA has worked to deliver its commitment to public value by keeping to an overall budget that is flat in real terms."
Mr Randell, who had to admit he made an "error of judgement" when he invested in the Ingenious film partnership, said he saw the FCA’s move to new offices in Stratford earlier this year as an opportunity for the FCA to work differently.
He said this was "especially in terms of becoming more streamlined so that we can deliver fair outcomes fast."
Andrew Bailey, chief executive of the FCA, also argued the move to Stratford offered better value for money than the alternatives considered a few years ago, adding it meant now the regulator’s London staff were all under one roof.
He said: "I believe this will bring opportunities for the way we work."
emma.hughes@ft.com
