Other Citywire websites
Stay connected:

View the article online at http://citywire.co.uk/new-model-adviser/article/a649626

FSA systems failure causes adviser email mix-up

by Michelle Abrego on Jan 09, 2013 at 12:00

FSA systems failure causes adviser email mix-up

A systems failure at the Financial Services Authority (FSA) has resulted in the regulator emailing the wrong adviser firms requesting data on professional standards and complaints.

An FSA spokeswoman said the regulator had sent out emails to all advisers with the same message reminding them to turn in data on professional standards and individual adviser complaints, but that in some cases the emails were addressed to the wrong advisers.

‘What’s important is the content, which is the same,’ she said. ‘It’s a system error. We’ll fix the error so that it doesn’t happen again.’

She said the error which meant the emails could be addressed to the wrong person or have the wrong FSA firm number attached.

Iain Wishart (pictured), managing director of Wishart Wealth Management, received an email addressed to another firm.

Wishart said he forwarded it on to the right firm and that while it seemed to be a generic email, it was not reassuring had the content been of a more serious nature.

‘It’s not ideal is it? It doesn’t give you a warm fuzzy feeling.’

14 comments so far. Why not have your say?

John Cushine

Jan 09, 2013 at 14:20

Wonder who carried out their own Risk Awareness Analysis????

report this

Paul Barnard

Jan 09, 2013 at 14:25

We had one too. Already sent our data in, but too soon for the FSA sho managede to send an e-mail back saying that the e-mail address I had sent it to (at their request) wasn't active until the 7th so send again. The fact that it clearly was active in order to activate the not active activity activation was a bit of a mystery to me, so I sent it again on the 8th. Today we had an email addressed to a completely different firm.

Secure control of client information?

report this

CW IFA

Jan 09, 2013 at 14:31

Didn't one of the investment houses recently receive a fine from the FSA for a systems failure?!

report this

alec hargreaves

Jan 09, 2013 at 14:35

Yes but they are not protected from ANY wrong doing as the FSA seem to be under this dopey government.

report this

Ian Craig (Yorkie)

Jan 09, 2013 at 14:43

Be fair. It's not just this Government. The last lot were just as bad. But you are right - the FSA do seem to be able to make as many cock ups as they like without fear of retirubtion.

report this

Julian Stevens

Jan 09, 2013 at 14:48

Has there been a breach of the Data Protection Act (for which any IFA firm would be roundly hammered)?

report this

Andy Farrow

Jan 09, 2013 at 14:54

I contacted the FSA before Xmas as it is not posisble to send in a nil return on the spreadsheet, the FSA said they had had a lot of calls about this problem. Still waiting for a reply!!!

report this

Duncan Dee

Jan 09, 2013 at 14:56

The Q&A section at the end of the email provides some helpful guidance :-

Q. What happens if I have sent my data to the wrong email address?

A. It is important that you send your data to the correct email address as you may put your data at risk. You will receive confirmation by email that you have submitted your data.

report this

Zoomer

Jan 09, 2013 at 15:01

No breach of Data Protection from what I have heard - all the info is freely available on the FSA Register.

Still its pretty embarrasing for them!

report this

Stephen Baxter

Jan 09, 2013 at 15:36

It is the ultimate irony that as we enter the dawn of a new era with the regulator looking to improve professional standards for authorised firms they send out an email entitled 'RDR Professionalism' with incorrect firm names and numbers. It does not inspire any confidence in the regulators professionalism or for that matter risk controls....

report this

Julian Stevens

Jan 09, 2013 at 15:49

Do as we say, not as we do.

If you screw up, we'll hammer you, because you're accountable to us.

If we screw up, well, shit happens, dunnit and we're not accountable to anyone.

And when are these blasted pop-ups going to cease?

report this

Fraser Macdonald

Jan 09, 2013 at 16:33

Quote from FSA email:

"It is important to make sure that you send your data to the correct email address and that it meets the guidance on the website. Your submission will be rejected if it is not completed correctly."

report this

Man in Black

Jan 10, 2013 at 07:00

From the precedents, its surely of limited significance that the emails did not cause 'consumer detriment'. These 'systems and controls failures' put its 'consumers at significant risk'. Surely, these 'senior management failings' need to be addressed? (and not through the granting of knighthoods).

Who fancies putting in the Freedom of Information request asking for details of their "apportionment of senior management functions" asking them to identify which FSA 'senior manager' was responsible for this? And fo course, what action has been taken against said senior manager?

report this

Richard Hardy

Jan 10, 2013 at 08:24

We were unable to submit a 'Nil' return and on contacting the FSA were told - "Put in that you have had one claim and the redress as nil the system will then accept the return"!

We've not submitted the return and are waiting for a response from the FSA as to when they'll have the 'glitch' fixed!

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

Read more...

FCA bans two advisers over unsuitable Sipp advice

by Michelle Abrego on Apr 17, 2014 at 10:24

Sorry, this link is not
quite ready yet