Brexit will cost UK finance regulator FCA £30 million

A logo sits on a sign within the reception area of the headquarters of the Financial Conduct Authority (FCA) within the Canary Wharf business district in London, U.K.

Chris Ratcliffe | Bloomberg via Getty Images

A logo sits on a sign within the reception area of the headquarters of the Financial Conduct Authority (FCA) within the Canary Wharf business district in London, U.K.

Britain’s financial watchdog said the idea needs to dedicate £30 million ($42 million) of spending to deal with the impact of Brexit on the financial services sector next year.

In its latest annual business plan, released Monday, the Financial Conduct Authority (FCA) said the idea would likely devote £14 million of spending on the U.K.’s withdrawal coming from the European Union by delaying or reducing “non-critical” activity.

in which leaves £16 million which the regulator will have to raise itself. the idea said the idea will raise £5 million by targeting firms most likely to be affected by Brexit with fees, another £5 million will come coming from FCA reserves in addition to the remaining £6 million will come coming from fees charged to firms as part of completely new regulations.

“We recognize in which This specific year we need to dedicate a significant amount of resource to withdrawal coming from the EU,” FCA Chief Executive Andrew Bailey said in a statement Monday.

“As a result, setting our priorities This specific year has involved a particularly rigorous level of scrutiny in addition to challenge to focus on areas where we see the greatest potential for harm.”

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