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FSA: 15% of firms breaching qualification data rules

by Michelle Abrego on Feb 18, 2013 at 13:01

FSA: 15% of firms breaching qualification data rules

The Financial Services Authority (FSA) has not received professional standards data from 15% of adviser firms, meaning they are in breach of regulatory rules.

Firms had until 29 January to submit details of each adviser's qualifications and accredited body membership.

An FSA spokeswoman urged the ‘significant minority’ of firms to send in their information.

‘We would like to encourage firms to provide this data, as by not providing this they are in breach of our rules,' she said.

She added that the number of Statements of Professional Standing (SPS) from accredited bodies currently did not match up to the data received from firms, meaning there are firms with qualified advisers that have not submitted data.

‘They’ve spent time and money getting their qualifications. They should want us to know about it,' she said.

The FSA sent reminders on 9 January requesting professional standards and complaints data for each adviser to be submitted by 29 January.  

A systems failure at the FSA resulted in the regulator having to reissue the reminder letters after firms receive letters which quoted incorrect firm names and reference numbers.

The spokeswoman added that the regulator had posted a Q&A  on its website with visual aids to help advisers submit the data.

She said if firms were having trouble submitting the data they needed to get in touch with the regulator as soon as possible.

11 comments so far. Why not have your say?

Julian Stevens

Feb 18, 2013 at 13:47

"A systems failure at the FSA resulted in the regulator having to reissue the reminder letters after firms receive letters which quoted incorrect firm names and reference numbers."

Is not the FSA itself one monumental systemic failure? Christ, you'd think that even the FSA, the UK's greatest institutional fudge-up, could get right the issue of a few thousand standard reminder letters.

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Sam Caunt

Feb 18, 2013 at 14:13

Standy by for excuses from IFAs asleep on the job or wishing to slate the FSA! The need for this data was well signposted albeit cackhandedly.

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John Wilson

Feb 18, 2013 at 14:23

@Sam Caunt

as a "cackhanded" person I resent you lumping me in with the afore mentioned regulatory body.

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Vinylman

Feb 18, 2013 at 14:40

I suspect the FSAs data is incorrect, after all, if they cant even get a mail shot correct what are the chances that the 15% is correct.

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Richard Arnold

Feb 18, 2013 at 14:48

Did anyone find the spread sheet provided of poor design and funtionality ? Or am I the only one who found a complete lack of design which is consistent with GABRIEL - The most mind numbing experience of IT that I have the miss fortune of dealing with every six months. Much of why the FSA has consistently failed is encapsulated in the GABRILE design or to the point, Lack of!.

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Julian Stevens

Feb 18, 2013 at 14:58

The inaccuracy of the FSA's data on just about anything you care to name is legendary. It doesn't even seem able to tell how its total database of registered individuals is divided between tied and independent (and all the buggers' muddle of classifications falling somewhere between the two). And that despite having spent a king's ransom and more on their computer systems. Still, what the hell, it's all OPM and nobody oversees or challenges how any of it's spent, so nobody at Canary Wharf gives a toss, do they?

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Louisa Williams

Feb 18, 2013 at 15:04

I received the request for my company which I duly completed and sent off. I then received a further three requests to my email address but with three other financial companies named. It's no wonder they haven't had the correct information back!

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Richard Arnold

Feb 18, 2013 at 15:20

@Sam Caunt.

Submitting Data that can assist with regulatory process makes absolute sense. But the slating of the FSA in this instance is very justified.

Any FSA readers, please reply if you have experience of this particular spread sheet tool or GABRIEL in general, which in the main is not fit for purpose relevant to the data required and the functionality of tthe system. It has apparently cost in excess of £35 million !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

So:-

Did anyone find the spread sheet provided of poor design and functionality ? Or am I the only one who found a complete lack of design which is consistent with GABRIEL.--The most mind numbing experience of IT that I have the miss fortune of dealing with every six months.

Much of why the FSA has consistently failed is encapsulated in the GABRIELE System design and FSA denial of reality, and efficieny.The quality of the Data is directly proportionate to the functionality of the delivery system.

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Imelda

Feb 18, 2013 at 15:34

Richard Arnold - yes I had a problem with the form and had to ring FSA helpline to sort it. Yes GABRIEL is mind numbing, poorly thought out and I suspect they do not use half the information that takes me nearly 2 weeks to collect, cut one way, then another etc.

but before you pop a blood vessel, remember this -

"God, grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference" ~ Reinhold Niebuhr

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Chris Geeson

Feb 18, 2013 at 16:05

Our submission went like this

Wrong company info sent initially

Couldnt download form when resent

sent a scanned copy of completed form, not accepatable

Telephone call from FSA could we do it again

Did it again

FSA lost it, despite email acknowledging receipt

Did it again

Fsa found it but information had gone

Did it again

haven't heard anything assume we got there in the end.

On the plus side the lady from the FSA was most apologetic and very pleasant on the downside about 5 hours for 10 minutes work. Not the best planned approach I have ever seen I must say

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Michael Both

Feb 18, 2013 at 18:00

I sent the data four times and despite having it acknowledged was told by the FSA that they had not received it.

If we ran our systems like the FSA does ....

Note to journalists - has the FSA breached data protection rules and has someone taken responsibility? - Answer that on 1st April ....

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