Banks and other firms faced 60 regulatory changes a day last year with the pace set to increase and bump up costs in 2012, Thomson Reuters Governance, Risk & Compliance said in a report on Wednesday.

Last year's total of 14,215 changes, ranging from speeches signalling the direction of new rules to a final binding regulation, was up 16 percent on 2010.

The report expects this year's total to be higher still as the financial sector prepares in particular for detailed rules from a U.S. reform of Wall Street known as Dodd-Frank.

This growth in activity also has an effect on the level of compliance spending, which is bound to rise, leaving less to lend, invest, and do the other core activities which will be necessary to revive the global economy, said Scott McCleskey, global head of financial services regulation at the GRC unit.

Much of the rulemaking stems from the financial crisis after the collapse of U.S. bank Lehman Brothers in 2008, a year when regulatory changes totalled 8,704.

(Reporting by Huw Jones; Editing by Greg Mahlich)