Four of the U.K.’s biggest banks say that government-sponsored studies into various aspects of their business has cost them more than £40 million in administrative costs to offer their input.

The Financial Times reports that a study by HSBC, found that 12 of the 14 inquiries into the banking sector cost the bank £10m in staff and management time, printing costs, consultants and lawyers. This does not include the cost of implementing the resulting recommendations, only the cost of responding to the inquiries.

Assuming that its major rivals, the Royal Bank of Scotland, Barclays and Lloyds TSB, spent at least as much to participate in the inquiries, it concludes that at least £40 million has been spent on the studies. “The cost isn’t really what gets to us,” said Keith Whitson, chief executive of HSBC. “It is the question of whether it ultimately will produce better competition or whether we are undermining the health of the U.K. financial system.”

The U.K. Treasury, which commissioned most of the inquiries, said they were designed to help consumers by improving competition. “The government is determined to improve competition in the banking industry and get a better deal for consumers,” it said. “It must be right that those [banks] involved should have the opportunity to comment on detailed proposals.”

The inquiries were started by the 15-month general investigation of the banking sector by Don Cruickshank, now chairman of the London Stock Exchange. It has recently brought down consumer-friendly recommendations such as a £50 fine for banks that do not complete account transfers within five days.

“We are as an industry suffering from a real surplus of attention and industry reviews,” said Whitson. “These reviews might almost undo the very thing they want to do and reduce competition.”

One person close to the reviews said the amount spent was insignificant compared with the profits the banks made. He questioned whether management time should be included in the calculation of cost. “This is the sort of thing chief executives should have been thinking about ages ago anyway,” he said.