FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd FSA Annual Report 2006/07 - Better Regulation Ltd
124 Section six – Appendices Appendix 3 Appendix 3: Complaints against the FSA 2006/07 The Financial Services and Markets Act 2000 (FSMA) requires us to have arrangements for investigating complaints made against us. This report covers the operation of our complaints scheme (‘the scheme’) in 2006/07. How the scheme operates Details on the operation of the scheme are set out in our Handbook, Complaints Against the FSA: http://fsahandbook.info/FSA/html/handbook/COAF The scheme operates in two stages. First, complaints that fall within the scope of the scheme may be investigated by the FSA – ‘stage one’. Then, if the complainant remains dissatisfied, the matter can be referred to the independent Complaints Commissioner (‘the Commissioner’), Sir Anthony Holland – ‘stage two’. The Commissioner has published a separate report on his work, to which we respond in Appendix 4 of this Annual Report. Within stage one, complaints will be considered under: (a) the fast track scheme, which deals with complaints against the actions or inactions of the FSA under FSMA that are assessed as ‘low impact’ and can be answered within 5 working days from receipt by the local area involved in the complaint; or (b) the main scheme, which deals with complaints against the actions or inactions of the FSA under FSMA; or (c) the transitional scheme, which deals with complaints against the actions or inactions of predecessor bodies under previous legislation. At the earliest opportunity we send all complainants a leaflet about the operation of the scheme, which explains their rights under the scheme. Information on the scheme and a link to the complaint leaflet can be found on our website: http://www.fsa.gov.uk/Pages/About/complaints/index.shtml We aim to investigate complaints against us as quickly as possible and we have service standards in place for handling these complaints. Our performance record is published on our website at: www.fsa.gov.uk/Pages/Library/Cooperate/Performance/standards/index.shtml
Section six – Appendices Appendix 3 125 All stage one investigations are conducted by a member of staff not involved in the matter complained of. If a complaint investigation identifies an error or shortfall in our procedures or processes we take appropriate action; this may involve changing a procedure or reviewing the way we work. The main scheme allows us to offer an ex-gratia payment if appropriate. The Commissioner’s reports on individual cases which he has investigated under stage two of the scheme are normally published on his website www.fscc.gov.uk/, and our responses to these reports are published on our website at: www.fsa.gov.uk/pages/library/other_publications/complaints/index.shtml What the scheme does not cover The scheme does not allow us to investigate complaints about certain issues, including: (a) the performance of our legislative functions under FSMA or previous legislation; (b) the actions, or inactions, of the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS); and (c) the FSA’s relationship with its employees. We may defer the investigation of complaints where the matter is the subject of ongoing action by the FSA or another agency, or we can refer the complaint if it would be more appropriately dealt with in another way. We can also decline to investigate a complaint if we believe that the matter amounts to no more than dissatisfaction with our general policies or our exercise of discretion, where no misconduct is alleged. Main events during the period We concluded 241 complaints, comprising 378 allegations. The number of complaint allegations from consumers (197) outnumbered those from authorised firms (139). We received 42 allegations from other sources, such as trade bodies, solicitors, and unauthorised firms. The majority of complaint allegations from authorised firms were from general insurance intermediaries and small IFAs. A significant number of complaints from firms were about mandatory electronic reporting, particularly the administrative fee charged for late submission of returns, and fee collection. Fee collection complaints have typically been about fees levied on firms that either cancel authorisation after the 31 March cancellation deadline or do not alert us to changes in their number of approved persons before the 31 December deadline. The onus is on firms to comply with our Rules, which clearly set out deadlines by which firms should inform us of their intentions; consequently these complaints cannot be upheld except in extreme circumstances. Other recurring complaints were about poor customer service, our supervision of firms, the authorisation and cancellation processes, and our enforcement process.
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124<br />
Section six – Appendices<br />
Appendix 3<br />
Appendix 3:<br />
Complaints against the <strong>FSA</strong> <strong>2006</strong>/<strong>07</strong><br />
The Financial Services and Markets Act 2000 (FSMA) requires us to have<br />
arrangements for investigating complaints made against us. This report<br />
covers the operation of our complaints scheme (‘the scheme’) in <strong>2006</strong>/<strong>07</strong>.<br />
How the scheme operates<br />
Details on the operation of the scheme are set out in our Handbook,<br />
Complaints Against the <strong>FSA</strong>:<br />
http://fsahandbook.info/<strong>FSA</strong>/html/handbook/COAF<br />
The scheme operates in two stages. First, complaints that fall within the<br />
scope of the scheme may be investigated by the <strong>FSA</strong> – ‘stage one’. Then, if<br />
the complainant remains dissatisfied, the matter can be referred to the<br />
independent Complaints Commissioner (‘the Commissioner’), Sir Anthony<br />
Holland – ‘stage two’. The Commissioner has published a separate report<br />
on his work, to which we respond in Appendix 4 of this <strong>Annual</strong> <strong>Report</strong>.<br />
Within stage one, complaints will be considered under:<br />
(a) the fast track scheme, which deals with complaints against the actions<br />
or inactions of the <strong>FSA</strong> under FSMA that are assessed as ‘low impact’<br />
and can be answered within 5 working days from receipt by the local<br />
area involved in the complaint; or<br />
(b) the main scheme, which deals with complaints against the actions or<br />
inactions of the <strong>FSA</strong> under FSMA; or<br />
(c) the transitional scheme, which deals with complaints against the actions<br />
or inactions of predecessor bodies under previous legislation.<br />
At the earliest opportunity we send all complainants a leaflet about the<br />
operation of the scheme, which explains their rights under the scheme.<br />
Information on the scheme and a link to the complaint leaflet can be found<br />
on our website: http://www.fsa.gov.uk/Pages/About/complaints/index.shtml<br />
We aim to investigate complaints against us as quickly as possible and<br />
we have service standards in place for handling these complaints.<br />
Our performance record is published on our website at:<br />
www.fsa.gov.uk/Pages/Library/Cooperate/Performance/standards/index.shtml