In its latest annual business plan, released Monday, the Financial Conduct Authority (FCA) said it would devote £14 million of spending on the U.K.'s withdrawal from the European Union by delaying or reducing "non-critical" activity.
That leaves £16 million which the regulator will have to raise itself. It said it will raise £5 million by targeting firms most likely to be affected by Brexit with fees, another £5 million will come from FCA reserves and the remaining £6 million will come from fees charged to firms as part of new regulations.
"We recognize that this year we need to dedicate a significant amount of resource to withdrawal from the EU," FCA Chief Executive Andrew Bailey said in a statement Monday.
"As a result, setting our priorities this year has involved a particularly rigorous level of scrutiny and challenge to focus on areas where we see the greatest potential for harm."