Reference Case Number: FOI9005
Freedom of Information: Right to know request:
In relation to the FCA's recent survey sent to around 2,500 advice firms
- How many firms responded to the survey?
- How many BSPS clients were advised by these firms (please break down total number and firm-by-firm)?
- How many transfers were completed in total, per firm and please break down percentage compared to non-transfer advice?
- How many total complaints, and an average of complaints per firm from those who responded?
FCA response:
In respect of the first question, we can confirm that the questionnaire was sent in 2 tranches. The first tranche of 1,205 surveys sent to firms requested them to submit the questionnaire by close of business on 2 February 2022. As at 12pm on 9 February 2022, 1,088 firms had submitted this survey.
The second tranche of 1,388 surveys sent to firms requested them to complete the survey by close of business on 10 February. As at 12pm on 9 February 2022, 1,026 firms had submitted this survey.
With regard to your request for firm level data in questions 2-4, we can confirm that we hold the information you have asked for. However, we are prohibited from disclosing it to you as it constitutes ‘confidential information’ for the purposes of section 348 of the Financial Services and Markets Act 2000 (FSMA), and which the FCA has received in the discharge of its public functions. We are therefore prohibited from disclosing it to you under section 44 of FOIA. For more information on why this exemption applies, please see Annex A below.
We are in the process of collating and analysing the questionnaire responses. We have announced[1] that we expect to consult on a redress scheme for BSPS members by the end of March 2022. Our consultation will include our analysis of the data firms provided in their questionnaire responses, including volumes of advice and complaints firms have received to date.
Annex A
Section 44 (Prohibitions on Disclosure)
Section 44(1)(a) of FOIA states that information is absolutely exempt from disclosure if this is prohibited by law. Section 348 of FSMA restricts the FCA from disclosing ‘confidential information’ it has received in the course of carrying out its public function. FSMA allows exceptions to this in a few specific circumstances, but none of these apply to this request.
Confidential information here is defined as non-public and non-anonymised information involving a person’s business or other affairs, which the FCA received in the course of carrying out its public function.
The information you requested is confidential information under this provision. If we disclosed this information, without the provider’s consent or the consent of the person the information is about (if different), we would be in breach of section 348 of FSMA. This would be a criminal offence.
In many requests for information under FOIA we have to judge different factors to decide whether disclosing the requested information would be in the public interest or not. For this request, we have an ‘absolute’ exemption against supplying the information, and so we do not need to make this kind of judgement