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Tiner lays out plans to quicken enforcement process

The FSA plans to cut the time it takes to complete enforcement procedures by around a third.

Speaking at the FSA&#39s annual public meeting in London last week, chief executive John Tiner revealed that the regulator has just completed a review of the enforcement process which looked at the case referral, investigation and decision-making stages.

It also considered examples of good practice among professional service firms and other regulators in the UK and abroad.

The review recommends shorter time targets for each stage of the referral and investigation processes.

The FSA will invest in IT to help with the management of cases and the handling of information gathered in its investigations.

The regulator says the speeding up of the decision process will be done without undermining its fairness or the quality of the decisions made. Complex cases and those in which the allegations are particularly serious will get the appropriate time required.

Tiner said: “We have now completed our endto-end review of the enforcement process and I expect a reduction overall of some 30 per cent in the time to complete an enforcement case as a result of the new arrangements we will put in place.”

Director of enforcement Andrew Procter says: “The FSA is a responsive regulator which listens to feedback from the industry and consumers.

“We are constantly reviewing our processes to make regulation efficient and the end-to-end review is just one aspect of this process.

“We have been operating within our governing legislation for two-anda-half years now and we are learning from our own experience.”


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