Research carried out by Hargreaves Lansdown shows consultation papers running between October 2010 and October 2011 introduce ongoing costs ranging between £1,117,661,400 and £1,428,683,200a year.
One off costs from the 18 consultations active over the period total between £253,156,900 and £323,000,350 a year.
Consultation papers included in this cost review are CP10/22; CP10/25; CP1026; CP10/27; CP10/28; CP10/29; CP11/02; CP11/03; CP11/05; CP11/08; CP11/09; CP11/10; CP11/11; CP11/12; CP11/13; CP11/16; CP11/17; CP11/19
Tom McPhail, head of pensions research at Hargreaves Lansdown says: “We recognise that the regulator has a difficult line to walk between consumer protection and giving the financial services industry, which plays such a huge role in the UK economy, room to flourish.But we were surprised at the range of one off and ongoing costs facing the industry as a whole. We also recognise that a proportion of UK regulatory costs are driven by Europe.”
