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FSA looking to speed up two-year enforcement process

The FSA is considering how it can speed up its enforcement procedure against firms.

The procedure takes 18 months to two years and the FSA wants to speed this up to around a year.

The enforcement process involves at least three possible stages of appeal, with considerable time given to the firm to make responses to any action taken by the FSA.

For example, if the FSA&#39s regulatory decisions committee decides there is a case against a firm, it issues a warning notice. The firm then has 28 days to make oral or written representations and can apply for extra time.

Spokesman Rob McIvor underlines that any changes made would have to be implemented in a way that does not reduce firms&#39 ability to defend themselves. He says any proposals would go out to consultation with the industry.

He says: “We do not have any specific changes in mind. We are reviewing the whole process and how we can make it shorter. Anything we propose will have to be consulted on – this is just blue-sky thinking at present.”

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