The insurance industry will have to pick up the £4m bill incurred by the Financial Services Authority (FSA) during its investigation of the Equitable Life affair.
Ruth Kelly, economic secretary to the Treasury, revealed yesterday the full cost of Ronnie Baird, the FSA's director of quality assurance, probe into the company's collapse in a parliamentary question.
Ms Kelly said the full cost of the inquiry would be recouped from the insurance sector in fees. More than £1.3m, incurred in the last financial year, has been reclaimed and the rest will be secured in the coming year.
