FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd FSA Annual Report 2006/07 - Better Regulation Ltd
154 Section six – Appendices Appendix 7 Registration of mutual societies and authorisation of credit unions as at 31 March 2007 Societies (and Branches) registered Industrial and under the Friendly Societies Provident Societies Acts 1974 and 1992 Credit Unions Building Societies (Registered under the (Includes friendly societies, (Authorised as credit unions (Registered under the Industrial and Provident working men’s clubs, under the Industrial and Building Societies Act Societies Act 1965) benevolent societies and Provident Societies Act 1965) 1986) specially authorised societies) 8,350 2,284 536 60 Note: These categories are based on the legislation under which an entity is incorporated or registered. As a result, they may not match the FSA Firm Primary Category Type used to determine the overall breakdown of firm types. During the year we dealt with over 6,000 cases of registration applications and related correspondence about registered mutual societies. Only a minority of these led to registration of a new society; most were received from existing societies wishing to amend their rules, register special resolutions or record charges or changes of address. The vast majority of the 151 new societies registered during the year were registered as Industrial and Provident Societies. The number of societies that cancelled their registrations was greater than the number of new registrations, leading to an overall slight decline in the numbers of societies. Information about mutual society registration matters, including forms to download, can be found at: http://www.fsa.gov.uk/Pages/Doing/small_firms/MSR/index.shtml
Section six – Appendices Appendix 7 155 Regulatory Decisions Committee The FSA’s Regulatory Decisions Committee (RDC) takes enforcement, authorisation and supervisory decisions that are of fundamental significance for the firms and individuals concerned. The RDC is appointed by and reports directly to the FSA Board. It provides the separation required by FSMA of investigations and recommendations from the decision-taking and issuing of statutory notices. The RDC is drawn from current and recently retired practitioners and non-practitioners, all of whom represent the public interest. Following the Enforcement Process Review of July 2005 the RDC has made a number of changes to its composition and its procedures. One change is that Authorisation cases are now dealt with at warning notice stage by the FSA Executive rather than by the RDC. Only if the applicant wishes to make representations will the case be passed to the RDC to consider. This change explains the difference in the 2006/07 and 2005/06 figures for Authorisation cases below. Authorisation refusal cases where the applicant 2006/07 2005/06 (firm or individual) has chosen to make representations against a warning notice issued by the FSA Executive Brought forward from 2005/06 1 3 New cases 17 46 Applications refused 7 14 Applications withdrawn by applicant before determination 7 14 Application referred back to the FSA for reconsideration or cases withdrawn by the FSA before determination 1 20 Carried forward to 2007/08 3 1 Enforcement Cases (firms and individuals) 2006/07 2005/06 Brought forward from 2005/06 36 16 New cases 89 109 Enforcement/disciplinary action taken 71 72 Cases referred back to the FSA for reconsideration 0 2 Cases discontinued by the FSA 16 15 Carried forward to 2007/08 38 36 Disciplinary actions considered by the RDC about firms who failed to submit a Retail Mediation Activities Return to the FSA 202 180
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Section six – Appendices<br />
Appendix 7<br />
155<br />
Regulatory Decisions Committee<br />
The <strong>FSA</strong>’s Regulatory Decisions Committee (RDC) takes enforcement,<br />
authorisation and supervisory decisions that are of fundamental significance<br />
for the firms and individuals concerned. The RDC is appointed by and<br />
reports directly to the <strong>FSA</strong> Board. It provides the separation required by<br />
FSMA of investigations and recommendations from the decision-taking and<br />
issuing of statutory notices. The RDC is drawn from current and recently<br />
retired practitioners and non-practitioners, all of whom represent the public<br />
interest.<br />
Following the Enforcement Process Review of July 2005 the RDC has made<br />
a number of changes to its composition and its procedures. One change is<br />
that Authorisation cases are now dealt with at warning notice stage by the<br />
<strong>FSA</strong> Executive rather than by the RDC. Only if the applicant wishes to<br />
make representations will the case be passed to the RDC to consider. This<br />
change explains the difference in the <strong>2006</strong>/<strong>07</strong> and 2005/06 figures for<br />
Authorisation cases below.<br />
Authorisation refusal cases where the applicant <strong>2006</strong>/<strong>07</strong> 2005/06<br />
(firm or individual) has chosen to make<br />
representations against a warning notice issued<br />
by the <strong>FSA</strong> Executive<br />
Brought forward from 2005/06 1 3<br />
New cases 17 46<br />
Applications refused 7 14<br />
Applications withdrawn by applicant before determination 7 14<br />
Application referred back to the <strong>FSA</strong> for reconsideration<br />
or cases withdrawn by the <strong>FSA</strong> before determination 1 20<br />
Carried forward to 20<strong>07</strong>/08 3 1<br />
Enforcement Cases<br />
(firms and individuals) <strong>2006</strong>/<strong>07</strong> 2005/06<br />
Brought forward from 2005/06 36 16<br />
New cases 89 109<br />
Enforcement/disciplinary action taken 71 72<br />
Cases referred back to the <strong>FSA</strong> for reconsideration 0 2<br />
Cases discontinued by the <strong>FSA</strong> 16 15<br />
Carried forward to 20<strong>07</strong>/08 38 36<br />
Disciplinary actions considered by the RDC about firms who<br />
failed to submit a Retail Mediation Activities Return to the <strong>FSA</strong> 202 180
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