FSA Annual Report 2006/07 - Better Regulation Ltd

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