Reference Case Number: FOI2026_01321
Freedom of Information: Right to know request:
In your response to FOI2026/01023, you stated that the total Equivalent Annualised Net Direct Cost to Business (EANDCB) across all Cost Benefit Analyses for Policy Statements published in 2025/26 was £426.3 million.
Please provide a breakdown of this £426.3 million figure by individual Policy Statement.
For each Policy Statement included in the calculation, please provide:
1. The Policy Statement reference number and title;
2. The publication date;
3. The EANDCB attributed to that Policy Statement; and
4. Where held, a brief description of the principal sectors affected.
I am content to receive the information in spreadsheet or tabular form.
For the avoidance of doubt, I am requesting the underlying breakdown of the aggregate figure already referred to in FOI2026/01023 and am not requesting the creation of new information.
FCA response:
The requested information is below. As a reminder from our response under reference FOI2026/01023, the Equivalent Annual Net Direct Cost to Business (EANDCB) is an annualised figure calculated by summing up the discounted value of the stream of net direct costs which accrue over the appraisal period to reach the present value of the net direct costs, and converting this into an equivalent annual figure by dividing by the appropriate annuity rate (see our Statement of Policy on CBA).
| Policy Statement reference number and title | Publication date | EANDCB (£m) | Brief description of the principal sectors affected |
|---|---|---|---|
| PS26/1: Regulation of Deferred Payment Credit (unregulated Buy Now Pay Later) | 11/02/2026 | 319.0 | Consumer credit – Buy Now Pay Later lenders and credit providers |
| PS26/3: Motor finance consumer redress scheme | 30/03/2026 | 68.2 | Consumer credit – motor finance lenders, brokers and firms involved in discretionary commission arrangements |
| PS25/23: Tackling non-financial misconduct in financial services | 07/08/2025 | 43.0 | Cross-cutting – all FCA-regulated firms subject to conduct rules |
| PS25/12: Changes to the safeguarding regime for payments and e-money firms | 07/08/2025 | 14.9 | Payments – payment institutions, e-money firms and fintechs holding client funds |
| PS25/3: Consumer credit regulatory returns: credit broking, debt adjusting, debt counselling and providing credit information services | 12/12/2025 | 7.8 | Consumer credit – credit brokers, debt management firms and credit information service providers |
| PS25/20: Supporting informed decision making: Final rules for Consumer Composite Investments | 08/12/2025 | 7.6 | Investments – retail investment products distributors |
| PS25/19: Improving the complaints reporting process | 03/12/2025 | 6.0 | Cross-cutting – all firms with complaint handling and regulatory reporting obligations |
| PS26/2: Operational Incident and Third-Party Reporting | 18/03/2026 | 2.5 | Cross-cutting – all regulated firms with operational resilience, incident reporting and outsourcing arrangements |
| PS25/2: Policy Statement on the derivatives trading obligation and post-trade risk reduction services | 03/04/2025 | 1.3 | Wholesale markets – trading venues, investment firms and derivatives market participants |
| PS25/4: Investment research payment optionality for fund managers | 09/05/2025 | 0.6 | Investments – asset managers and fund managers purchasing investment research |
| PS25/10: Final rules for public offer platforms | 15/07/2025 | 0.2 | Investments – firms operating public offer platforms and capital-raising intermediaries |
| PS25/11: Mortgage Rule Review: First steps to simplify our rules and increase flexibility | 22/07/2025 | 0.1 | Mortgages – mortgage lenders, intermediaries and home finance providers |
| PS25/21: Simplifying the insurance rules | 09/12/2025 | 0.1 | Insurance – insurers and insurance intermediaries across retail and wholesale markets |
| PS25/22: Supporting consumers’ pensions and investment decisions: rules for targeted support | 11/12/2025 | 0.0 | Investments – pensions providers, platforms and firms offering retail investment guidance/support |
| PS25/14: Definition of capital for FCA investment firms | 15/10/2025 | -0.1 | Investments – FCA investment firms subject to prudential (IFPR) capital requirements |
| Data Decommissioning (CP25/24 - QCP49) - RMA-E, RMA-G, RMA-M | 10/09/2025 | -2.3 | Cross-cutting – firms with existing reporting obligations streamlined through form decommissioning |
| Data Decommissioning (PS25/7) - RMA-F, FSA039, and Form-G | 27/06/2025 | -2.7 | Cross-cutting – firms with existing reporting obligations streamlined through form decommissioning |
| PS25/16: Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251 | 27/11/2025 | -4.1 | Wholesale markets – investment firms, banks and counterparties trading OTC derivatives |
| Data Decommissioning (QCP48 - CP25/16) – REP022, REP009, REP008 | 06/06/2025 | -6.0 | Cross-cutting – firms with existing reporting obligations streamlined through form decommissioning |
| PS25/9: New rules for the public offers and admissions to trading regime | 15/07/2025 | -29.7 | Wholesale markets – issuers, trading venues and firms involved in capital markets admissions |
| Total | 426.3 |