The FSA has published its annual report which outlines how the Regulator has performed against the priorities set out in its 2011/12 Business Plan (see Regulatory Roundup 28).
As will be known, the FSA has increased its interest in the protection of client money and client assets and we are told that they have now conducted over 50 dedicated client assets visits to firms in addition to approximately 130 desk based reviews.
‘Credible deterrence’ continued with 44 final notices having been published, of which more than half (24) were findings against Significant Influence Function holders.
The FSA continues to have concerns in relation to the sale and promotion of Unregulated Collective Investment Schemes and has imposed nine full or partial prohibitions and nine fines totalling £262,600 for failings relating to the product.
Other interesting snippets are a slowing down of the rate of increase in total FSA staff headcount (3,955 vs. 3,909 for previous year); that the cost to the FSA, and the Bank, of creating the Prudential Regulatory Authority could be up to £150M; and the Director’s Remuneration table (page 110).
