The UK's Financial Conduct Authority has allocated £2.5 million of its budget for the year ahead to cover the costs of Brexit, the watchdog's chief executive revealed today.

Speaking at a press conference launching the watchdog's business plan for the next 12 months, Andrew Bailey said that the FCA's annual funding requirement had increased 1.5% in the past 12 months to total £526.9 million. The FCA's costs are met through levies on the financial industry, not through general taxation.