FSA
The Association of British Insurers (ABI) has urged the Financial Services Authority (FSA) to improve its enforcement procedures to provide greater transparency and objectivity.
The recommendations come in response to the Enforcement Process Review Issues paper published by the FSA in March. The ABI proposes that the FSA should make more use of its normal supervision of firms be-fore beginning specific enforcement action and that the relevant supervision team should be involved in all FSA discussions.
Other recommendations in-clude improving the quality of the FSA's investigatory work by ensuring its enforcement staff have the best possible knowledge of the industry and its issues.
The ABI statement adds: "There is a perception that FSA enforcement staff are often intent on delivering a particular message to the market and seek to build a case against a firm or individual to support that message."
