FSA and Inadequate Procedures

The previous article concerning submissions to the FSA is based upon published complaints against the FSA.

One other published complaint concerned an individual’s dispute with the FSA over what was said when speaking to the Consumer Contact Centre (CCC). Although the complaint was not upheld the Complaints Commissioner expressed concerns about the adequacy of the FSA’s procedures. The Commissioner makes specific recommendations including the need for the FSA to review its procedures for the retrieving of calls; the need for the FSA to take steps to improves its record keeping; and the need for the CCC to ensure the adequacy of information given to consumers.

Firms will of course be aware from SYSC 6.1.1 of the need to have adequate policies and procedures in place to ensure compliance with the regulatory system.

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