FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd 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.
Section six – Appendices Appendix 5 129 Appendix 5: Enforcement Activity 2006/07 We set out below statistical information in relation to cases investigated by Enforcement and the outcomes of those investigations. This should be read in conjunction with the Enforcement Annual Performance Account, which sets out our approach to Enforcement and provides a qualitative assessment of the fairness and effectiveness of Enforcement. Issue Open at Opened Closed Open at 1/4/06 during year during year 31/3/07 Selling 14 21 13 22 Pensions and endowments 1 0 1 0 Investment management 1 1 1 1 Unauthorised activities 17 10 11 16 Systems & controls 21 28 22 27 Market protection 30 22 25 27 Listing Rules 3 1 3 1 Fitness & propriety issues 30 18 23 25 Non-cooperation with FSA 0 1 0 1 Money laundering controls and financial fraud 7 9 4 12 Totals (excluding TCT) 124 111 103 132 Threshold Conditions Team (TCT) 1 55 156 116 95 RMAR Project 2 108 1,491 1,545 54 Note 1: These are cases against regulated firms that failed to meet FSA minimum standards (‘Threshold Conditions’). Note 2: The RMAR (Retail Mediation Activities Return) enforcement project began in October 2005. It is a project focused on ensuring that firms comply with our requirement to submit electronic returns. Cases may include both firms and individuals. In addition there were 549 incoming international requests received by the Law, Policy and International Co-operation (LPIC) area of the Enforcement Division during 2006/07.
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Section six – Appendices<br />
Appendix 5<br />
129<br />
Appendix 5:<br />
Enforcement Activity <strong>2006</strong>/<strong>07</strong><br />
We set out below statistical information in relation to cases investigated by Enforcement and the outcomes of those<br />
investigations. This should be read in conjunction with the Enforcement <strong>Annual</strong> Performance Account, which sets out<br />
our approach to Enforcement and provides a qualitative assessment of the fairness and effectiveness of Enforcement.<br />
Issue Open at Opened Closed Open at<br />
1/4/06 during year during year 31/3/<strong>07</strong><br />
Selling 14 21 13 22<br />
Pensions and endowments 1 0 1 0<br />
Investment management 1 1 1 1<br />
Unauthorised activities 17 10 11 16<br />
Systems & controls 21 28 22 27<br />
Market protection 30 22 25 27<br />
Listing Rules 3 1 3 1<br />
Fitness & propriety issues 30 18 23 25<br />
Non-cooperation with <strong>FSA</strong> 0 1 0 1<br />
Money laundering controls and financial fraud 7 9 4 12<br />
Totals (excluding TCT) 124 111 103 132<br />
Threshold Conditions Team (TCT) 1 55 156 116 95<br />
RMAR Project 2 108 1,491 1,545 54<br />
Note 1: These are cases against regulated firms that failed to meet <strong>FSA</strong> minimum standards (‘Threshold Conditions’).<br />
Note 2: The RMAR (Retail Mediation Activities Return) enforcement project began in October 2005. It is a project focused on ensuring that firms<br />
comply with our requirement to submit electronic returns.<br />
Cases may include both firms and individuals.<br />
In addition there were 549 incoming international requests received by the Law, Policy and International Co-operation (LPIC)<br />
area of the Enforcement Division during <strong>2006</strong>/<strong>07</strong>.
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