23rd April 2009

FSA, openness and the Freedom of Information Act

padlockA number of our IFA members are becoming more and more concerned that requests for information, explanation or clarity under the FOI Act are being rejected. Why is this?

I think that many IFA’s are amazed that a regulator who focuses so much on TCF, Principles, being open, honest, fair and reasonable does not apply those standards when the request for information comes to them rather than from them.

For an FSA “Information Protection Officer” (where did that job title come from) to suggest that sight of GCD advice to the FSA for example may prejudice the FOS in any judicial review of an Ombudsman’s decision is very worrying, what does the FOI documentation request show; it clearly must be contentious if the release is being denied.

I think that the time has come for the FSA to be as open and honest in its dealings, after all this is what it expects from those that it regulates. Regulation with dual standards is not appropriate.

Click here to read a reply given to a Panacea member this week, I think you will see what we mean. Have you any examples of similar rejections, if so please e mail them to help@panaceaadviser.com

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