Private warnings and potential challenge by the Information Commissioner
There has been a recent decision of the Information Commissioner which impacts on the ability of the FSA and other regulators to resolve regulatory issues privately without the need to follow a public statutory decision making process. The decision highlights the risk of competing regulatory environments undermining the central purpose of other regulatory environments by rulings or decisions made within the context of a particular statutory framework.
Case Ref: FS50094595
Date: 16/08/2007
Public Authority: Financial Services
Authority
Summary: The complainant requested that the FSA
supply him with information relating to a mystery
shopping exercise into the sale of equity release
products. The FSA refused to disclose some of the
information under section 44 and some of the
information under section 43. The Commissioner
upheld the application of section 44 for all but
one category of information, however, for the
material withheld under section 43 the
Commissioner found that the public interest lay
in disclosure. The Commissioner requires the FSA
to disclose the information withheld under
section 43 and the information incorrectly
withheld under section 44 within 35 calendar days
from the date of this notice. This Decision
Notice is currently under appeal to the
Information Tribunal.
Categories: Chapter 23, Updates