The FCA 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 FCA. Article 94 of the Regulated Activities Order requires each designated professional body to provide the FCA with the information it needs to maintain a public record of persons that are registered with the FCA to conduct insurance distribution activity2. The FCA has made arrangements with each of the designated professional bodies about the information they provide to it, to include information about:1
complaints and redress arrangements;
complaints volumes and their analysis;
supervisory activity; 1
the names and addresses of each of their exempt professional firms that carry on, or are proposing to carry on, insurance distribution activity2, together with the details of the individuals within the management of the exempt professional firms who are responsible for the insurance distribution activity3.21
Information may also be obtained from exempt professional firms, government departments, trade bodies, consumer organisations and clients of exempt professional firms. The FCA 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.