Revealing the figure in its annual report and accounts, the FCA said that aggregate costs for firms, including reviews in progress since April 2013, was £110 million, net of VAT, with one review constituting most of it.

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Over the 12 months, there were 49 cases for which the regulator used its s166 powers most of which were concerning conduct of business, up from 42 year-on-year.

Elsewhere in the accounts, the FCA revealed that it made a loss of £8.6 million, compared to a £3.8 million gain over the same period in 2016.

When combined with the losses incurred by the Payment Systems Regulator, the group loss is £9.2 million. The group had ended the previous year with a surplus of £21.3 million.

While the City watchdog’s fee income increased from £517.1 million to £543.9 million, other income went down to £20.9 million from £34.8 million, a decrease of 40%. This was mainly attributed to a decline in income from skilled persons reviews of £13.3 million.

Total staff costs were £329 million, marginally down from £330.7 million in 2015/16.

The FCA also highlighted that the costs of 15 ongoing reviews of interest rate hedging products from the 2013/14 financial year now stand at £391.5 million, as at 31 March.