The FSA’s plans for paying for its annual funding requirement for 2010/11 have been called ‘disproportionate’ by the British Insurance Brokers’ Association (BIBA).

The regulator is seeking an increase of 9.9% in overall funding.

Eric Galbraith, BIBA chief executive, said: “The overall cost of regulation is totally disproportionate in relation to the low risk posed by our members’ regulated activities