ENF 3.7 Publicity

The FSA has a duty under section 391(5) of the Act (Publication) to publish such information about supervisory notices (including those which relate to variations of Part IV permission and those which relate to intervention against incoming firms) as it considers appropriate. However, the FSA is prohibited from publishing information which would, in its opinion, be:

1. (1)

   unfair to the person against whom the decision is made; or

2. (2)

   prejudicial to the interests of consumers.

The FSA also has a duty to maintain a public record containing information about firms. The FSA must include on the public record:

1. (1)

   such information as it considers appropriate which may include information about a variation of Part IV permission (or intervention);

2. (2)

   information about the services which the firm holds itself out to provide; and

3. (3)

   any address known to the FSA at which a notice or document may be served on the firm.

The FSA will consider the question of publicity on a case-by-case basis and will adopt a differentiated approach depending on the nature of the action taken and the circumstances of the case

Where the FSA is using its own-initiative power in support of its supervisory function, and the variation does not bring about a fundamental change in the firm's Part IV permission (see DEC 4.1.5 G), the FSA will not normally publish the supervisory notice, where this would disclose confidential information about the individual firm or would prejudice consumers' interests.

However, the publication of fundamental variations of Part IV permission (and interventions), and the maintenance of an accurate public record, are important elements of the FSA's approach to its consumer protection objective. The FSA will always aim to balance both the interests of consumers and the possibility of unfairness to the person subject to the FSA's action. The FSA will publish, and include in the public record, relevant details of fundamental variations of Part IV permission and interventions imposed on firms, but will use its discretion not to do so if it considers this would best serve the interests of the firm's existing customers.