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FSA refuses to disclose Park Row data

The FSA has refused to disclose the number of former Park Row advisers who have successfully overturned FSA decisions to reject their application for reauthorisation.

In April, Money Marketing submitted a Freedom of Information request asking the regulator to provide the number of former Park Row advisers who had applied for FSA reauthorisation since the company was closed down in 2009.

The request went on to ask for a breakdown of how many authorisation applications were rejected, how many were overturned at the regulatory decisions committee and how many were overturned at the Upper Tribunal.

The FSA replied on May 3 to say that while it holds the information requested, it is too exp-ensive to compile the data.

The FSA’s cost limit for dealing with FOI requests is £450.

The FSA says: “We estimate it would take approximately 15 minutes to review and assess each application. Each check would have to be performed manually and reconciled with various systems.

“On that basis, we estimate that the cost of retrieving the information you have reques-ted and editing it to take out irrelevant information would exceed the £450 limit.”

Thameside Wealth associate director Jason Ogelman says: “I wish advisers had the luxury of telling the FSA or the Financial Services Compensation Scheme, when they ask us to comply with the latest rules or pay the latest levy, that it is too expensive for us to comply with their request.”

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Baron Bolligrew 12th May 2011 at 3:15 pm

    Is it me or is the FSA becoming more and more like a secret police that we should be running in fear from?
    Every dictum seems to be from a position of ‘holier-than-thou’ and if you try to question it is either ignored or shrugged off with some pathetic excuse that is completely acceptable FROM the FSA but not TO the FSA.
    ‘Do as I say, not as I do’ seems to be the motto here.

  2. This is the FSA at its best dealing honestly and openly with the public and profession.

    The FSA should band itself under its own rules for failure to deal openly and honestly with the freedom of Information Act requirement.

    The FSA has something to hide. Is it not time for Parliament to address correction.

  3. You could probably use the FSA register to work out rough ideas of who left and went on to autorisation elsewhere and who is still in limbo.
    It should not ne necessary to give exact figures if the questions are posed correctly at an individual at the FSA, i.e

    To your knowledge have any been rejected at tribunal.
    To your knowledge have more than or less than X
    Use wide enough numbers so that they can estimate based on their knowledge.
    They should not be allowed to give NO information due to costs. They should give approximations and it should be possible for someone to pay to obtain the info too.

  4. You can’t get a list as when looking for previous involvements it says –

    More than the maximum of 250 individual records found. Please refine your search by entering at least the first two letters of the individual’s surname in the box above and clicking on Search.

  5. Julian Stevens 12th May 2011 at 10:33 pm

    On its website, the FSA proclaims itself as “an open and transparent regulator”. Clearly, it isn’t. Any half-decent computer system should be able to produce this information in its entirety in 15 seconds.

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