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.”