The report sets out how the FSA has delivered outcomes for both firms and consumers throughout the year that are:

  • to promote efficient, orderly and fair financial markets, both wholesale and retail;
  • to help the retail consumer for financial services achieve a fair deal; and
  • to improve its business capability and effectiveness, so as to make the FSA easier to do business with.

The report includes a financial review of the FSA and its budgets for the year. The FSA Chairman, Callum McCarthy, acknowledged that more problems lie within the retail market than in the wholesale. He listed reasons such as “the complex nature of some products” , “the acute information asymmetry between providers and consumers”, and “the low level of competence of many consumers in making financial decisions”.