We were slow to heed critics, admits FSA

In its Annual Report for 2005/06, the Financial Services Authority (FSA) admits, after a review of its enforcement procedures, that it took too long to recognise the legitimacy of some concerns expressed to it.

Callum McCarthy, FSA chairman, said it was in its own interest that the FSA's processes were seen to be fair and efficient: "We have put in place systems designed to make it easier for those affected by our decisions to comment on how they have been made and implemented. I hope those w