The UK's Financial Services Authority has issued over 4,000 pages of additional regulatory information in the year since the markets in financial instruments directive was introduced as "the last word in regulation" in a move that is expensive and unjustifiable, according to a trade body.

The Association of Private Client Investment Managers and Stockbrokers today said 4,114 A4 pages of regulation information have been sent out to market participants by the FSA since November 1 2007.