On 24 June 2009, the FSA published its Annual Report for the year 1 April 2008 to 31 March 2009.

The report details how the FSA performed during the year against its statutory objectives and how it has delivered outcomes for both firms and consumers under the three headings which cover all the FSA's work: to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.

Chairman of the FSA, Lord Adair Turner, commented that the past year had been extremely difficult given the financial crisis but considered the FSA had dealt successfully with the immediate crisis and had taken actions to ensure a more stable financial system for the future. The report describes the key element of radical change in the past year as being the implementation of the Supervisory Enhancement Programme, which has entailed an increase in supervisory staff from 526 to 703 in addition to the reorganisation and strengthening of certain procedures.

The report also sets out a number of statistics. These show that the number of regulated firms and approved person have both decreased. They also show that there was a shortfall of over £10m between the amount collected from fees and the expenses incurred by the organisation, despite an increase in fees raised of 7%.

To view the FSA report, please click here.