The UK Financial Services Authority's processing of enforcement cases is set to become more efficient and timely in future, the regulatory body revealed on Thursday, unveiling the results of an 'end to end' review of the FSA's enforcement procedures launched in September 2003.
The review was conducted in three parts, with separate teams looking at each of the case referral, investigation and decision making stages. The teams consulted external stakeholders and sought examples of good practice amongst professional service firms and other regulators both in the UK and abroad.
Recommendations contained in the report released last week include: shorter time targets for each stage of the referral and investigation processes; a faster process for referring cases to enforcement for investigation; improvements to the speed and efficiency of investigations whilst retaining their quality and fairness; investment in IT to assist in the management of cases and the handling of information gathered in investigations; and speeding-up the decision making process without undermining its fairness or the quality of the decisions made.
Speaking on Thursday, Andrew Procter, the FSA's Director of Enforcement explained that:
"The FSA is a responsive regulator, which listens to feedback from the industry and consumers. We are constantly reviewing our processes to make regulation efficient and timely and the end to end review is just one aspect of this on-going process. We have been operating within our governing legislation for 2 ½ years now, and we are learning from our own experience."
He continued: "We are confident that the process will remain fair and will deliver the right results in the right cases," but added that: "More complex cases and those in which the allegations are particularly serious will continue to take time, as is appropriate."
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