FSA systems failure causes adviser email mix-up

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

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?

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

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

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.

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

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!!!

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.

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!

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....

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?

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."

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?

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!