The Financial Services Authority have had to pay out more than £53,000 in recent years after investigating allegations made about itself by consumers and firms.
City Wire report:
Nearly 11,000 complaints have been filed against the Financial Services Authority (FSA) since 2006 – forcing the regulator to pay out thousands of pounds in compensation.
A total of £53,600 has been paid out since 2006 by the FSA in ex gratia awards – payments without admission of liability – after the watchdog investigated allegations made against it by consumers and firms.
According to figures seen by Wealth Manager following a Freedom of Information request, the FSA said it received 378 complaints during its 2006/07 financial year, plus a further 837 that fell outside its remit.