Bank overdraft

REgarding the banking crisis and the setting up of a new regulatory regime under the auspices of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), I note from your report (10 April) that the combined running costs of these two authorities for 2013-14 “would be £646.3 million”.

Unless this is a misprint and recognising that, to quote Maggie Craig of the Association of British Insurers, “the new regulators need to be sufficiently resourced”, am I alone in thinking this is an unbelievable amount of money which will be borne by the long-suffering customers of our banking system?

This works out at something like £2.5m for every working day of the year. How this can possibly be justified?

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David M Steel

Springfield Terrace

South Queensferry