FSA Annual Report 2006/07 - Better Regulation Ltd

Section six – Appendices
Appendix 1
101
Appendix 1:
Costs of regulatory authorities in other jurisdictions
Table of indicators
Most of the data in the following table were obtained directly from the
regulatory agencies named there. In producing the table we were aware that:
• figures do not all relate to the same accounting period and may not be
compiled on the same basis;
• labour and other costs vary between countries;
• variations in exchange rates will affect results expressed in a single
currency;
• in some countries not all organisations involved in financial regulation
have provided data;
• the nature and extent of the responsibilities of the various regulatory
agencies differ materially; and
• the nature and scale of the financial services industries in different
countries differs materially. We have included some figures that indicate
the size of countries’ financial services sectors, but these can only be
regarded as indicative.
Because of the factors listed above, we caution against using the table to
conclude that regulation in any individual country is more cost-efficient than
regulation in any other country.
It should also be noted that the direct costs of regulation incurred by the
agencies in the table reflect just some of the total costs that regulation
imposes upon the economies concerned. Where an agency has higher costs
that reflect additional resources, it may be able to lower the other costs that
regulation imposes.
The figures shown in the table are all in sterling. Information on regulatory
costs received in foreign currencies was translated into sterling at the rate
ruling on 5 April 2007 (apart from those received from the Monetary
Authority of Singapore, which were translated on 14 May 2007).