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's 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's 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.”