FSA has published its Annual Report and Enforcement Annual Performance Account for the year 2010/11. The Annual Report focuses on what FSA views as its major achievements over the past year:
- its enforcement approach and commitment to “credible deterrence”, which has led to criminal convictions for insider dealing, and over £8 million worth of fines for market abuse;
- its new supervisory approach to protect retail customers, including its decision to act earlier to prevent perceived customer detriment;
- its more intensive approach to prudential supervision; and
- its work to promote global standards of prudential banking supervision.
FSA delivered in full on 90% of its milestones in its 2010/11 Business Plan. Hector Sants said it is also coping well with the transition to the new regulator and delivering on its powers under the Financial Services Act 2010. He focused also on FSA’s priorities and initiatives on liquidity, product intervention, a more proportionate supervisory approach and continuing to try to attract and keep high-quality staff. The report looks in detail at how FSA has delivered on all its statutory objectives, and also on how it has continued to enhance its operational effectiveness. (Source: Annual Report for 2010/11 and The FSA's Enforcement Annual Performance Account 2010/11)