UK's Financial Services Authority Issues Freedom Of Information Publication Scheme

The Financial Services Authority has today issued its publication scheme under the Freedom of Information Act (FOIA). We are also releasing Policy Statement 04/4 (The FSA's approach to implementing the Freedom of Information Act 2000) which sets out our final policy on operating our publication scheme following the publication of our draft scheme in October 2003 in Discussion Paper 23: The FSA's approach to implementing the Freedom of Information Act 2000. The Scheme, as required by the FOIA, sets out:

• the types of information the FSA will publish (classes of information);
• the way in which the information will be published; and
• whether or not we will charge for providing published information.

The Scheme, which has been approved by the Information Commissioner, will be of particular interest to authorised firms, approved persons, trade associations, consumers and the media as well as others who are interested in the FSA's work. The FSA's general approach to implementing the FOI Act is to use this opportunity to enhance our existing accountability by disclosing more information. We have reviewed the types of information we hold and carried out a survey of the kinds of requests for information we currently receive. As a result we have decided to publish further information on particular issues. From January 2005 there is a general right under FOIA to request information not included in our publication scheme. The FSA is preparing for this further stage in the implementation of FOIA.

Background

1. The Publication Scheme is accessible here (and in hard copy on request). The Policy Statement is availabe here together with Discussion Paper 23: the FSA's approach to implementing the Freedom of Information Act which was published last October and can be found here.
2. The FOI Act became law in the United Kingdom in November 2000 and is being implemented in stages. It gives a general right of access by the public to information held by public authorities, sets out exemptions from that right of access and places a number of obligations on public authorities. The Government has made the FSA a public authority for these purposes. An independent Information Commissioner enforces the FOI Act. The Commissioner is responsible for approving the publication schemes of public authorities and his office confirmed approval of the FSA scheme on 23 January 2004.
3. The FOI Act requires designated public authorities such as the FSA to be able to respond from January 2005 to individual requests for information which they hold and which is not in their publication schemes. In DP 23 we outlined our general approach to handling such requests including proposals for charging and for dealing with complaints. Policy Statement 04/4 says that the FSA will continue during this year to prepare itself for responding to FOI requests from the beginning of next year.
4. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the protection of consumers; and fighting financial crime.
5. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.