Freedom of information the FSA way

From January 2005 the FSA, under the Freedom of Information Act 2000 (FOIA), will have to respond to individual requests for information, including material that does not feature in the ‘publications scheme’, accessible via the homepage of its website since last month. On receipt of a written request the regulator will have to advise if it holds information not in the scheme and supply it within 20 days, unless covered by an exemption in the FOIA, for example if it was provided in confidence and/or to publish would interfere with the Authority’s ability to carry out its functions effectively. The requirement applies also to all the data of the FSA’s predecessor bodies held by the regulator. The FSA says that it already seeks to be open and transparent through its Annual Report to the Chancellor; the Annual Public Meeting; its obligation to consult on proposed policies and rules with feedback available that only excludes the submissions by those who ask for confidentiality; and the publications of and FSA responses to the Consumer Panel and Practitioner Panel. However, it acknowledges that “a large amount of our information will be exempt under FOIA”; this would include the number of mis-selling cases and complaints to individual firms in accordance with the prohibition contained in section 348 of the Financial Services and Markets Act 2000 .