FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
128<br />
Section six – Appendices<br />
Appendix 4<br />
Appendix 4:<br />
The <strong>FSA</strong>’s response to the Complaints Commissioner’s<br />
<strong>Annual</strong> <strong>Report</strong> for <strong>2006</strong>/<strong>07</strong><br />
The Commissioner’s <strong>Annual</strong> <strong>Report</strong> for <strong>2006</strong>/<strong>07</strong><br />
We welcome the report of the Complaints Commissioner (‘the<br />
Commissioner’). This is the third <strong>Annual</strong> <strong>Report</strong> produced by Sir Anthony<br />
Holland, who was appointed as Commissioner on 3 September 2004.<br />
In his <strong>Annual</strong> <strong>Report</strong>, the Commissioner provides a summary of the diverse<br />
themes in the complaints he dealt with.<br />
In all of his 26 stage two investigations the Commissioner reached the same<br />
conclusion as we had in our stage one investigation. However, in some<br />
cases, whilst agreeing with our decision, the Commissioner identified areas<br />
where we could improve our complaints handling, and we will work on<br />
these areas over the coming period.<br />
Points of interest<br />
Firms’ compliance with <strong>FSA</strong> rules and guidance<br />
The Commissioner helpfully makes it clear in his <strong>Annual</strong> <strong>Report</strong> that he<br />
believes the onus is on firms to know and abide by the <strong>FSA</strong> rules and<br />
guidance applicable to them in their particular circumstances. He states that<br />
he is unlikely to look favourably on complaints from firms that have broken<br />
<strong>FSA</strong> rules and not interacted with the <strong>FSA</strong> as the rules require.<br />
Complaints requesting the Commissioner to intervene in <strong>FSA</strong><br />
enforcement action<br />
The Commissioner has clarified his position in relation to complaints asking<br />
him to intervene in ongoing enforcement action, stating that he is likely to<br />
do this only in exceptional circumstances.<br />
Statistics and subject matter of complaints<br />
The Commissioner concluded 26 stage two investigations during the period,<br />
and has eight investigations open at the end of the period.<br />
The Commissioner published 18 of his stage two reports on his website at<br />
www.fscc.gov.uk/. We published our responses to these reports on our<br />
website at<br />
www.fsa.gov.uk/Pages/Library/Other_publications/Complaints/index.shtml<br />
(copies also available from the <strong>FSA</strong> Company Secretariat on 020 7066 9870).<br />
In the remaining eight cases the Commissioner did not publish his findings at<br />
the request of the complainants and we did not publish our responses.