That’s the suggestion of the Complaints Commissioner, the body set up to look into complaints against the Financial Conduct Authority, which said it was a “concern” that the regulator does not have a record of “important conversations” between its supervision team and individual firms.
The suggestion was made in a report published on the Commissioner’s website, after a firm complained about the conduct of the FCA’s supervision team.
Complaints included emailing outside of normal working hours, issuing conflicting deadlines for responding to questions, and the length of time taken by the enforcement team to complete its investigation.
The Commissioner’s complaints team was unable to reach a conclusion about some aspects of the complaint because the supervision’s teams’ calls are not recorded.
In the report, Anthony Townsend ‒ the Commissioner ‒ stated: “I agree with you that it is of concern if there is no record of important conversations that lead to decisions about a firm’s activities and which will affect individuals and businesses.
“I recommend that the FCA considers whether it should take steps to record such calls.”