Where am I? 
Home Better Business Regulation
Categories: Regulation
Topics: FSA| enforcement
The FSA has been forced to unconditionally apologise and pay compensation to a complainant after enforcement documents were delivered to her house after 9pm as part of a a case against her husband.
In a letter to the Complaints Commissioner, the individual said a courier sent by the FSA arrived at her house after 9pm, "banging" on her door and disturbing her children.
Although the commissioner says the FSA did not breach her human rights, it agrees it was unreasonable for them to allow the courier to arrive at the house after 9pm and has also criticised the regulator for the manner of its initial apology, saying it "lacked sincerity".
In its original response, the FSA Enforcement team said it "was not our intention to cause you or your children any inconvenience and we apologise if the delivery of confidential material by secure courier inconvenienced you or your family. Unfortunately we have no control over when our courier service delivers packages."
The Complaints Commissioner says: "Although I can understand why the FSA felt it necessary to issue the document to your husband on the evening of 31 August 2010, it is clear to me that the FSA did not consider the timings or plan sufficiently in advance to ensure that they were available for dispatch at a reasonable hour."
In addition to recommending an unconditional apology it has also suggested an ex-gratia payment of £50, both of which have been accepted by the FSA.
However, although it also suggested a deadline of 8pm for any future deliveries without prior agreement, the FSA has insisted 9pm remains a suitable ceiling.
In its response, the FSA says: "Many people employed in the financial services industry do not return home from work until after 8pm; the later deadline is less likely to result in deliveries of important documents being delayed because the documents have been returned to the FSA by the courier."
| Share | |
| Comment | FSA forced to pay up for late night enforcement action |
More regulation news
Email alerts
Recommended reading
Categories
Topics
Comments
Late night working
How I love the FSA. Everything they do is designed to force Advisers out of business. How many of them regularly have to work until after 8pm?
Posted by: Chris
Early shift
"How many of them regularly have to work until after 8pm?" No idea, Chris. How many IFAs have to be at their desk ready for action every day at 0700 when the stock markets open, like the UKLA staff have to? You can make smart comments when you've been both sides of the fence; till then, recognise your perspective's a bit skewed.
Posted by: Adam Smith
A law unto themselves
I wonder if that comes under the classification of "doing something stupid knowing it to be stupid"?
Posted by: A Nonny Mouse
incompetent regulator
Imagine someone from the industry saying they had no control over the courier - they would be chastised for not having proper systems and control. As to their 9pm watershed argument - it gave me a good laugh - imagine giving that as an answer to a FSA supervisor or someone from enforcement. They really are a discredited organisation and this confirms Alasdair Simpson's recent article where he states that the FSA bully and intimidate
Posted by: Anon
Unwarranted sympathy
Anyone who is subject to an enforcement order is quite probably up to naughties. And if it is necessary to send orders to his home address the adviser must accept responsibility for drawing his family into the issue. His wife should asking questions elsewhere....
Posted by: Sam Caunt
Me!
To Adam Smith: I'm at my daesk at 0700 every morning and also at it over the weekend studying and dealing with the'red tape'to advise clients. This lot are indefensible on all fronts. What next 'Belfast style' para raids on our homes to check our files?
Posted by: Petr Taylor
Response to Sam Caunt
I am afraid your comment is so wide of the mark that it is not true - you ought to read the article with Alasdair Sampson http://www.mortgagesolutions.co.uk/mortgage-solutions/news/2023904/revealed-fsa-investigations-tricks-traps-tests
Posted by: anon
Innocent until proven Guilty
Sam - You need to go live in France, or better still find a nice dictatorship or communist state where the alw is you are guilty until you can prove your own innocence. Your comment pretty much disgusts me. And a reminder, the FSA staff made a mistake, an insencere appology, but they are NOT PAYING we are. This is why Hector and his staff need to be accountable for their own actions. This payment should have come from the pocket of the person who made this decision, not from our apparantly unlimitless pockets.
Posted by: Phil Castle
"The FSA did not ....plan sufficiently in advance"
The extract from the Complaints Commissioner reads "it is clear to me that the FSA did not consider the timings or plan sufficiently in advance ..." which is absolute demonstration that poor operational procedures can be traced back to the Board. FSA will hammer an advisory firm with poor 'systems and controls' and that is exactly the state of play at Canary Wharf. Why would anyone ever want to employ anyone with such transparently poor skills as Sants and Turner ?? Their inept managerial skill means that the FSA system is rotten to the core ...which translates into late calling by couriers. FSA are bullies full stop !!
Posted by: Roger
Use of time
For those of you whom find time to make comments on Articles/News stories it is not surprising that you have to work at 7.00am and finish at 8.00pm. If it is necessary to deliver documents by courier to an Individuals home whom is subject to enforcement then so be it and at whatever time.
Posted by: Richard Venner
Richard Venner
So you are saying the information commissioners decision was wrong then? Another nice caring Chartered Firm. Now I know why I don't want to be referred to as a professional, as most of them appear just not to care about anything except their own egos. Do you have difficulty in reading? The commisioner said "it is clear to me that the FSA did not consider the timings or plan sufficiently in advance ..." Take your nose out of your qualifications and books and go off and learn some ethcis.
Posted by: Caring or Arrogant
Just wondering what they do
Our People - Jobson James Financial Services Limited Richard Venner Managing Director Richard began his career with Prudential in London in 1985. In 1990 he moved to Norwich Union Private Clients where he managed one of their teams before joining Alexander Clay & Partners where he had responsibility for Professional Development of the Firm. In 1997 Richard became Managing Director and a shareholder of Jobson James. He has built the Firm into one of the most respected Advisory Firms in the Midlands and he personally advises some leading figures and companies in the region on Private and Corporate Financial Planning matters. Richard has been a Trustee of The Denstone Foundation.
Posted by: Nameless
Related articles
Most Read
Audio / Visual
With the industry's biggest fund managers, IFAonline welcomes you to the media centre.
This year we have 14 awards designed to mark out the very best products in a highly competitive and innovative market. This includes three new awards for 2011 to reflect the developments in this rapidly growing market: Best Dual/Multi-Index Product, Best Structured (Oeic) Fund and Best Structured Product Provider.
Events
Poll
|
|
Job search
Ifaonlinejobs will open the right investment career path for you. Search hundreds of vacancies on www.ifaonlinejobs.co.uk now
In Focus
Two months left before the ‘real RDR deadline’ – are you compliant with the required professional...
Viewpoints
2012 marks a watershed for the Life companies, fund managers, banks and advisers who service...
sponsored by
Pot Calling Kettle Black
Given that 8pm is seen by the FSA as the reasonable threshold for calling customers in arrears, this is an own goal! They probably can control when couriers deliver things - I believe it's called giving an instruction!
Posted by: Stan Chestor