FSA - DP13/1 How the FCA could be more transparent

Why are we issuing this Discussion Paper (DP)?

Transparency is at the heart of the FCA’s approach. The firms and individuals we regulate have a huge impact on people’s lives and our economy, so we know that, like other public bodies, we should carry out our work in a way that is as open and accountable as possible.

We will have regard to two new principles relating to transparency:

• the desirability of publishing information about regulated firms/individuals, or requiring such persons to publish information; and
• the exercise of our functions as transparently as possible.

What do we mean by transparency?

Being transparent is about disclosing relevant information in a way that can be clearly understood by all the people affected.  For the FCA this might mean disclosing more information than has been disclosed by the FSA; it may also mean disclosing a smaller amount of more meaningful and relevant information that can be used more effectively.

Who is this DP aimed for?

This document is for individuals and organisations who are interested in how transparency of the FCA – and transparency by financial services providers – can generate good outcomes for consumers, firms and the market. These include consumers, firms and trade associations.

Consultation paper

• FSA - DP13/1[1]

What are the proposals?

We have split the discussion into three areas:

• How the FCA could be more transparent:
  
  • whistle-blowing: saying more about what we’ve been told and the action we may have taken;
  • publishing more about our enforcement activities; and
  • publishing more about our supervisory activities and supervisory outcomes.
• Information that we could release about firms, individuals and markets:
  
  • transparency of our authorisations process;
  • transparency of the redress process; and
  • transparency of our thematic work and early interventions.
• Information that we could require firms to release:
  
  • improved transparency in the annuity market;
  • contextualisation of complaints data; and
  • publication of claims data for insurance products.

What are the next steps?

• Online response form[2]

We would like you to hear your views about the ideas in the paper and any other ideas about transparency. You can send your views by email, letter or through this website until 26 April 2013. We will publish all consultation responses on our website so if you do not want your response to be published, please let us know.

Want to find out more?

For more information:

• see Chapter 7 in our Journey to the FCA document[3];
• see the research report on transparency[4]