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PROF 3.1 The FSA's duty to keep itself informed

PROF 3.1.1G

Section 325 of the Act (Authority's general duty) imposes on the FSA a duty to keep itself informed about:

  1. (1)

    the way in which designated professional bodies supervise and regulate the carrying on of exempt regulated activities by exempt professional firms; and

  2. (2)

    the way in which exempt professional firms carry on exempt regulated activities.

PROF 3.1.2G

The FSA keeps itself informed in a number of ways. A designated professional body has a duty under section 325(4) of the Act to cooperate with the FSA. Article 94 of the Regulated Activities Order requires each designated professional body to provide the FSA with the information it needs to maintain a public record of persons that are registered with the FSA to conduct insurance mediation activity. The FSA has made arrangements with each of the designated professional bodies about the information they provide to it, to include information about:1

  1. (1)

    complaints and redress arrangements;

  2. (2)

    complaints volumes and their analysis;

  3. (3)

    disciplinary action;

  4. (4)

    supervisory activity; 1

  5. (5)

    the activities carried on by exempt professional firms, the risks arising from them and how they are mitigated, for example by monitoring activity or training and competence arrangements; and1

  6. (6)

    the names and addresses of each of their exempt professional firms that carry on, or are proposing to carry on, insurance mediation activity, together with the details of the individuals within the management of the exempt professional firms who are responsible for the insurance mediation activity and, where relevant, the passporting information required by the FSA for the purposes of paragraph 25 of Schedule 3 to the Act (EEA Passport Rights).1

PROF 3.1.3G

Information may also be obtained from exempt professional firms, government departments, trade bodies, consumer organisations and clients of exempt professional firms. The FSA may also commission or carry out reviews of the supervisory and regulatory activities of a designated professional body and commission or carry out research about, or surveys of, exempt professional firms or their clients.