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.

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I am a journalist and author. I am a journalist at the UK edition of WIRED magazine. In 2015, my first book Freedom of Information: A Practical Guide for UK Journalists, was published. My second book Reed Hastings: Building Netflix, was published in March 2020. I created FOI Directory in 2012 and have maintained it in my spare time ever since.