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FSA reviewing enforcement process

The FSA is conducting a review of the enforcement process to see if it can be shortened without losing the fairness built into the system.

Speaking yesterday at the FSA&#39s Enforcement and Law conference in London, Andrew Procter, FSA director of enforcement, told delegates: “The end-to-end review of the enforcement process will include a review of the decision-making process, which is a long one.

“Even without delay or requests for an extension of time, under the process we have designed it takes five months or more to move from the end of an investigation to a decision notice. We must ask if that is too long.

“There are some valuable components in the current decision-making process. The separation of investigator from decision-maker is important. The scrutiny of the FSA&#39s Regulatory Decisions Committee is valuable and does improve the quality of our decision-making. The right of an affected party to make representations is a necessity.

“But, is it a process that delivers timely results? We have therefore commenced a review of the decision-making process and, in particular, those parts of it established as matters of FSA policy. We want to determine whether the decision-making process can be shortened without a loss of fairness to affected parties or a loss of respect for the process itself.”


House prices rise over 10% from 2002

The average house price in England and Wales is now £161,665 &#45 over £10% more than a year ago. The Land Registry&#39s third quarter property price report shows that the average price has increased by 10.62% from £146,150 in 2002 to £161,665 in 2003. The report also reveals that the volume of sales has decreased […]

Pink reveals initial pricing structure for appointed reps

Pink Home Loans has revealed its initial pricing structures for its appointed representative proposition. At the first of its 10 regulation roadshows, held at the Thinktank in Birmingham last Monday, Pink revealed that for its appointed representatives the pricing structure will be based according to customers&#39 &#39risk rating&#39 and will be in a position to […]

Consumers&#39 Association disappointed with Treasury review

The Consumers&#39 Association has branded the Treasury&#39s review of the Financial Services and Markets Act 2000 as “disappointing” and “a wasted opportunity”. Mick McAteer, senior policy adviser at the CA, says: “What a wasted opportunity.  The review is very disappointing, with absolutely no recognition of the collapse in consumer confidence and the need for regulation […]

HBOS won&#39t be &#39tried by TV&#39

HBOS says it will not be rushed in its investigation of three high street branch mortgage advisers accused of encouraging clients to lie about self-certified income. Three Birmingham Midshires Solutions branch staff are accused of encouraging BBC reporters posing as self-certification applicants to lie about their income, but the group says it will not subject […]

Employees care about their health

It’s important employers remember this like an alarm going off in their head. Employees care about their health. And they’re calling on employers to provide them with health benefits. In a survey we conducted, we asked 1,005 UK SME employees to choose the top three employee benefits they would value most:  48% of employees voted […]


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