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FSA achieves 60 per cent of target

The Financial Services Authority achieved just under 60% of its targets last year according to its Performance Account report.
The FSA has published its performance against its existing service standards; announced 11 new standards and introduced customer satisfaction measurement for firms that have completed some of the most frequently used and important processes set out in the Financial Services and Markets Act and FSA handbook.
The ‘Performance Account’ report provides information about the FSA’s performance, the new standards, and the measurement of customer satisfaction.
The Performance Account shows that against the 62 standards that were measured for the period up to 31st December 2004; just under 60% were met; 22% were nearly met (over 90% of the target level was achieved) and 16% were not met.
The 11 new service standards, introduced today, include ones for cancellation of authorisation and processing of appointed representative notifications, and have been the result of discussions with firms, trade bodies and other stakeholders who are most affected by them.
Also from April the FSA will begin customer satisfaction measurement to help the organisation better understand how it is performing in key areas and to identify the particular areas where firms want to see an improvement.

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