FSA has published its annual enforcement performance report. The report looks at how effectively FSA has used its enforcement tools. When FSA has asked for feedback from firms on its process, the main criticism has been the length of time needed to progress some investigations. FSA comments that its move to impose higher penalties and its more robust approach to requiring firms to undertake customer remediation may lead to more referrals to the Regulatory Decisions Committee and the Financial Services and Markets Tribunal. FSA is prepared to take cases to this level to achieve its goal of credible deterrence.