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FSA fails on third of benchmarks

The FSA has failed to meet over a third of the benchmarks it uses to measure its service levels.

Last week, the FSA published its performance account showing how it measured against 54 statutory and voluntary service standards between October 1, 2010 and March 31, 2011.

The FSA figures show 38 per cent of its service targets were not met. The regulator effectively met its statutory target to pro-cess all applications for app-roved person status within three months, with 99.9 per cent of cases meeting this target.

But it fell short of its voluntary target to process 85 per cent of approved person applications within five or 10 days, with just 74 per cent of cases being pro-cessed within this time.

The FSA aims to provide a substantive response to correspondence from firms relating to questions about fees within 12 working days of receipt in 90 per cent of cases. It missed this target, with 85 per cent of firms receiving a timely reply.

The FSA says: “It is vital we make the right regulatory decisions and this means some transactions take longer.”


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There are 7 comments at the moment, we would love to hear your opinion too.

  1. More bonuses all round, chaps. The targets we missed were only voluntary ones – luckily, or cannily, we set the bonus bar at a very low level, so What Ho!

  2. the FSA is a 100% failure!

  3. If that was us we would be fined. So fine them, oops better not otherwise our fees will go up. FSA what a fantastic position to be in.

  4. Someone reminded me that in 1987 when the FSA took charge there were about 400K brokers and IFAs in the industry. How many left now? About 40K?

    OK a fair few needed culling or their ways mending ….but for a statutory body to decimate an industry like that is appalling…

    Post RDR of the 10% left…how many will remain..

    And I’m still waiting for someone to explain after RDR how a client on a fairly low income is going to pay a fee of £500 for arranging a £50 per month pension.

    Answer: In most cases they won’t…. Ah silly me… I must have imagined all those statistics about the pensions and savings gap!

  5. I bet some of you had no idea that the FSA had set itself any benchmarks!

    Regulating banks: FAILED – award bonus

  6. The FSA says: “It is vital we make the right regulatory decisions and this means some transactions take longer.”

    i.e. Up yours; we’re always right!

  7. Patrick Schan 19th May 2011 at 2:16 pm

    I’ve just applied to run with the olympic torch past the FSA building. Can anyone lend me a can for the petrol?

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