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The FSA's 166-rule costing discretionaries millions

by Sarah Miloudi on May 22, 2012 at 07:00

Compared to the 114 reports commissioned over the 15 months since January 2011, 90 were ordered over the eight months to December 2010 and 88 the year before.

An FSA spokesperson said: ‘The FSA only makes Section 166 orders where we believe the action is suitable and proportionate, and we take into account the cost to the firm as part of this.’

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3 comments so far. Why not have your say?

Investment Guru

May 22, 2012 at 11:41

How can we find out which forms have been subject to a section 166 notice and why?

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May 22, 2012 at 15:05

You can't, because the FSA won't let you.

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Jon Lowson

May 25, 2012 at 17:36

Section 166s tend to be commissioned when the FSA have identified a problem at a firm and they want further investigations to quanitfy the extent of that problem.

I suppose that those firms might quite like the FSA to conduct these further investigations themselves and have it paid for through general FSA funding (spreading the cost to everyone) but, I for one, am happy for private compliance firms to be paid directly by the firm involved ("let the poluter pay").

I particularly like the IMAs response... to let the miscreant firms produce reports on themselves. You can just imagine it:

FSA: " Mr National IFA, following your review, how many pension switching sales have you identified as unsuitable"

Mr National IFA: "Absolutely none. Honest Guv. They were all fine and no-one needs redressing."

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