Watchdog works to clear investigations backlog
The Financial Services Authority has been working hard to clear its backlog of investigations into alleged rule breaking in the past year, according to its annual report.
In the annual FSA report published this week the financial watchdog stated it has brought down its outstanding cases to 193 on 1 April, down from 315 for the same time last year. During the last year it opened a further 138 cases but managed to handle and close 260 cases.
The total amount of penalties it levied in 2002/03 amounted to just over £10m.
‘Firms need to understand that failure to meet the required standards is particularly serious, and that where necessary, we will take enforcement action in the interest of consumer protection and market confidence,’ the FSA stated.