FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd
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Section six – Appendices<br />
Appendix 1<br />
101<br />
Appendix 1:<br />
Costs of regulatory authorities in other jurisdictions<br />
Table of indicators<br />
Most of the data in the following table were obtained directly from the<br />
regulatory agencies named there. In producing the table we were aware that:<br />
• figures do not all relate to the same accounting period and may not be<br />
compiled on the same basis;<br />
• labour and other costs vary between countries;<br />
• variations in exchange rates will affect results expressed in a single<br />
currency;<br />
• in some countries not all organisations involved in financial regulation<br />
have provided data;<br />
• the nature and extent of the responsibilities of the various regulatory<br />
agencies differ materially; and<br />
• the nature and scale of the financial services industries in different<br />
countries differs materially. We have included some figures that indicate<br />
the size of countries’ financial services sectors, but these can only be<br />
regarded as indicative.<br />
Because of the factors listed above, we caution against using the table to<br />
conclude that regulation in any individual country is more cost-efficient than<br />
regulation in any other country.<br />
It should also be noted that the direct costs of regulation incurred by the<br />
agencies in the table reflect just some of the total costs that regulation<br />
imposes upon the economies concerned. Where an agency has higher costs<br />
that reflect additional resources, it may be able to lower the other costs that<br />
regulation imposes.<br />
The figures shown in the table are all in sterling. Information on regulatory<br />
costs received in foreign currencies was translated into sterling at the rate<br />
ruling on 5 April 20<strong>07</strong> (apart from those received from the Monetary<br />
Authority of Singapore, which were translated on 14 May 20<strong>07</strong>).