The FSA says 27 applications for a significant influence function were withdrawn in 2009/10, following the introduction of its new interview process.
The FSA annual report says: “We are now judging competency as well as probity and ensuring that significant influence function applications for senior roles in major firms go through a comprehensive interview process. Last year, we conducted 377 interviews and 27 applications were withdrawn.”
It says it had success in its role of improving consumer understanding and engagement in financial services, with the roll-out of the national money guidance service across the country in March. The regulator says the programme hit its target range of 500,000 to 750,000 consumers online, over the phone and through face to face sessions.
The FSA says its statutory objective to promote the public’s understanding of the financial system has now passed to the newly created Consumer Financial Education Body under the Financial Services Act 2010.
It says: “We committed resources to planning and implementing this change and we will provide operational support to the new body for as long as necessary.”