FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd FSA Annual Report 2006/07 - Better Regulation Ltd
158 Section six – Appendices Appendix 7 Freedom of Information Volume of requests in 2006/07 The Freedom of Information Act 2000 (FOIA or the Act) came into force on 1 January 2005 and requires us to respond to requests for information within 20 working days (unless the public interest test is applicable). Over the last 12 months we have received 214 new requests and closed a total of 218 requests (including four carried over from 2005/06) – 100% within the statutory deadline (compared with 92% of all the bodies monitored by the Department for Constitutional Affairs in the first three quarters of 2006). In 56% of cases where we held the information requested we disclosed material which had not previously been available to the public. The number of requests received during the financial year 2006/07 reduced by 27% compared with 2005/06. However, the complexity of the requests received increased significantly, with many of the requests relating to highprofile issues which have attracted media coverage. We estimate that answering FOIA requests has cost approximately £800,000 in 2006/07 (compared with £1 million in 2005/06). We cannot recover this expenditure from the requesters because there is very limited scope within the Act to charge for information. Breakdown of the 218 closed FOIA cases No response from requester 4 Vexatious or repeated 1 Request withdrawn 9 Information accessible by other means 5 Request satisfied 27 Business as usual 13 Over cost limit 17 Summary provided 6 No information provided 49 Some information provided 51 No information held 36
Section six – Appendices Appendix 7 159 Requests to review the FSA’s decisions about disclosure If a requester is unhappy with the response provided or the way in which a request has been handled, we review the case; once our internal appeals process has been exhausted, the requester can appeal to the Information Commissioner’s Office (ICO). If dissatisfied with the ICO’s decision the requester may make a further appeal to the Information Tribunal. During the year we received 22 requests for internal reviews and carried three cases over from 2005/06) making a total of 25. Of these, 24 were closed – five of which resulted in us providing further information to the requester. The ICO also notified us of 18 new complaints during the year (in addition to seven carried over from 2005/06). Three complaints were resolved, all in favour of the FSA, and 22 complaints remain ongoing. One case was referred to the Information Tribunal, Slann vs ICO (and FSA). The Tribunal upheld our decision to withhold information under the section 44 exemption of FOIA (prohibitions on disclosure). This was an important decision because most of the appeals made against us are based on our decision to withhold information under this exemption (which links to section 348 of FSMA). The full decision notice can be viewed on the Information Tribunal website. Data Protection Volume of requests in 2006/07 The FSA is classed as a Data Controller under the Data Protection Act 1998 (DPA). In order to comply with the DPA we are required to notify the Information Commissioner (IC) each year of the ways in which we process personal data. We submitted our annual notification to the IC in November, which can be viewed on their website. We must respond, within 40 calendar days, to Subject Access Requests made by individuals who want to know what information we hold about them. During the year we received 53 Subject Access Requests and responded to 56, 96.5% within the statutory 40 calendar days. Listing activity in 2006/07 Over the last 12 months we have approved approximately 1,900 transactions, which is an increase of 20% compared with last year. In particular the number of debt transactions submitted to us for approval has continued to significantly increase as a result of a number of issuers continuing to choose the UK as their Home Competent Authority following the introduction of the Prospectus Directive (PD) in 2005. Since the introduction of the PD, which harmonised rules for issuing securities across EU member states, the total number of documents submitted to us for approval has risen by over 55% compared with the period before the introduction of the PD.
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Section six – Appendices<br />
Appendix 7<br />
159<br />
Requests to review the <strong>FSA</strong>’s decisions about disclosure<br />
If a requester is unhappy with the response provided or the way in which a<br />
request has been handled, we review the case; once our internal appeals<br />
process has been exhausted, the requester can appeal to the Information<br />
Commissioner’s Office (ICO). If dissatisfied with the ICO’s decision the<br />
requester may make a further appeal to the Information Tribunal.<br />
During the year we received 22 requests for internal reviews and carried<br />
three cases over from 2005/06) making a total of 25. Of these, 24 were<br />
closed – five of which resulted in us providing further information to the<br />
requester. The ICO also notified us of 18 new complaints during the year (in<br />
addition to seven carried over from 2005/06). Three complaints were<br />
resolved, all in favour of the <strong>FSA</strong>, and 22 complaints remain ongoing.<br />
One case was referred to the Information Tribunal, Slann vs ICO (and <strong>FSA</strong>).<br />
The Tribunal upheld our decision to withhold information under the section<br />
44 exemption of FOIA (prohibitions on disclosure). This was an important<br />
decision because most of the appeals made against us are based on our<br />
decision to withhold information under this exemption (which links to<br />
section 348 of FSMA). The full decision notice can be viewed on the<br />
Information Tribunal website.<br />
Data Protection<br />
Volume of requests in <strong>2006</strong>/<strong>07</strong><br />
The <strong>FSA</strong> is classed as a Data Controller under the Data Protection Act 1998<br />
(DPA). In order to comply with the DPA we are required to notify the<br />
Information Commissioner (IC) each year of the ways in which we process<br />
personal data. We submitted our annual notification to the IC in November,<br />
which can be viewed on their website.<br />
We must respond, within 40 calendar days, to Subject Access Requests made<br />
by individuals who want to know what information we hold about them.<br />
During the year we received 53 Subject Access Requests and responded to<br />
56, 96.5% within the statutory 40 calendar days.<br />
Listing activity in <strong>2006</strong>/<strong>07</strong><br />
Over the last 12 months we have approved approximately 1,900<br />
transactions, which is an increase of 20% compared with last year. In<br />
particular the number of debt transactions submitted to us for approval has<br />
continued to significantly increase as a result of a number of issuers<br />
continuing to choose the UK as their Home Competent Authority following<br />
the introduction of the Prospectus Directive (PD) in 2005. Since the<br />
introduction of the PD, which harmonised rules for issuing securities across<br />
EU member states, the total number of documents submitted to us for<br />
approval has risen by over 55% compared with the period before the<br />
introduction of the PD.
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