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
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.
4th Edition » | Chapter 23