Monday, 04 March 2013 12:13
FSA publishes ideas for improving transparency and disclosure
The Financial Services Authority is seeking feedback from advisers on transparency and disclosure, focusing on how consumers could make more informed decisions.
The discussion paper DP13/01 'Transparency' has been divided into three sections: information the FCA could release about its operations, information the FCA could release about firms and individuals and information the FCA could require firms to publish.
These ideas for the forthcoming Financial Conduct Authority have been produced in consultation with trade bodies, consumer groups and independent panels.
In the first section it states the regulator could give more outcome details to whistleblowers and publish more information about enforcement and supervisory activity.
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In the second section, focusing on firms and individuals, the FSA said it could release information about why applications have been withdrawn, more details about redress schemes and about the findings of thematic work.
Finally, it could ensure firms publish information about complaints data, claims data on insurance products and improve transparency in the annuity markets.
Martin Wheatley, chief executive designate of the Financial Conduct Authority, said: "Transparency cannot be an end in itself. We want to make sure that disclosure helps customers make the right decisions when purchasing products and helps markets function more efficiently.
"This is not a one-off exercise. As the FCA develops, we will continue to identify additional ways to increase transparency and will be open to feedback from our stakeholders on how this can be achieved."
The FSA is seeking feedback to the document by 26 April 2013. Click here to read the discussion paper http://www.fsa.gov.uk/library/policy/dp/2013/13-01.shtml
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The discussion paper DP13/01 'Transparency' has been divided into three sections: information the FCA could release about its operations, information the FCA could release about firms and individuals and information the FCA could require firms to publish.
These ideas for the forthcoming Financial Conduct Authority have been produced in consultation with trade bodies, consumer groups and independent panels.
In the first section it states the regulator could give more outcome details to whistleblowers and publish more information about enforcement and supervisory activity.
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In the second section, focusing on firms and individuals, the FSA said it could release information about why applications have been withdrawn, more details about redress schemes and about the findings of thematic work.
Finally, it could ensure firms publish information about complaints data, claims data on insurance products and improve transparency in the annuity markets.
Martin Wheatley, chief executive designate of the Financial Conduct Authority, said: "Transparency cannot be an end in itself. We want to make sure that disclosure helps customers make the right decisions when purchasing products and helps markets function more efficiently.
"This is not a one-off exercise. As the FCA develops, we will continue to identify additional ways to increase transparency and will be open to feedback from our stakeholders on how this can be achieved."
The FSA is seeking feedback to the document by 26 April 2013. Click here to read the discussion paper http://www.fsa.gov.uk/library/policy/dp/2013/13-01.shtml
• Want to receive a free weekly summary of the best news stories from our website? Just go to home page and submit your name and email address. If you are already logged in you will need to log out to see the e-newsletter sign up. You can then log in again.
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