1. Supervision
The FSA is proposing to publish anonymous aggregated information on how many planned and unannounced supervisory visits have taken place across different sectors, mapped to the firm classification, and the total cost of these.
It also wants to publish how many variations in permissions have occurred and in which sectors and how permissions have been varied or the type of requirements imposed.
2. Whistleblowing
The FSA wants to provide more information to those who whistleblow on bad practice in the industry. This could include saying more about what the regulator has been told and the action it may have taken.
The regulator could also report about whistleblowing on an aggregate basis, for example the number of whistleblowing incidents, the type of cases and an overview of the type of action taken.
3. Authorisation process
The FSA is proposing to publish in anonymous aggregated form the average length of time it takes to authorise firms in the context of the statutory time limit for dealing with applications; this would be split by sector and regulatory activity.
It also proposes publishing the broad reasons why firms withdraw from an authorisations process and the broad reasons why applications are refused.
4. Thematic reviews
The FSA wants to develop a consistent approach for publishing the results of thematic work on an anonymous and aggregated basis in order to put the industry “on notice” that it is reviewing and exploring certain sectors.
5. Firm disclosure
The FSA is considering greater firm disclosure, particularly of product performance in the annuity market and publication of claims data for insurance products.
The regulator also wants to mandate contextualisation of complaints data from all firms, so that it is easier to understand for consumers.
The full paper can be found here.
