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City barrister takes role in review of RDC

A top City barrister will advise the FSA on its investigation into the regulatory decisions committee and enforcement processes.

Banking and financial services specialist Michael Brin-dle will assist the FSA investigation being led by director of retail firms David Strachan.

New RDC chairman Tim Herrington will also take part in the review.

The review, set out in the FSA business plan released at the end of January, was promp-ted by criticisms made in the tribunal ruling on the Legal & GeneralFSA case.

Strachan will look at the processes followed by supervisors, enforcement staff and decision-makers when considering possible breaches of statutory and regulatory req-uirements and the nature and extent of the communications and interaction between them.

He will review the role and involvement of senior FSA management throughout the processes and the options for a fair procedure under which regulatory decisions are made by people separate from the regulator.

He will also look at the accountability of the FSA board for the decisions made.

The review will not explore options that would require changes to the Financial Services and Markets Act 2000, which set up the FSA but any significant changes would be subject to consultation.

Chief executive John Tiner says: “After three years of operating the existing arrangements for investigations and making enforcement decisions and in the light of the tribunal’s recent judgement in the L&G case, a review of their effectiveness is timely.

“The review will be careful, thorough and wide-ranging, taking in every stage of the process. Work starts next week and we plan to announce the outcome in mid-July.”


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