One of the key messages it contains is that overall costs fell by almost £1 million or 7.5 per cent compared to 2012, reports Business Life.
During the second half of 2013, the Commission commenced a significant change programme which saw a restructuring of its Supervisory and Policy Divisions.
In addition, the Commission established
- A Conduct Unit to provide more focus on consumer issues such as mis-selling;
- an Innovations Unit to undertake analysis of some of the more complex financial services ideas which the Commission is asked to license; and
- a dedicated Enforcement Division.
All of this was achieved while reducing overall costs.
Chairman, Cees Schrauwers, acknowledged that the Commission had encountered some turbulence last year but added that
- “we did take time to carefully reflect upon the concerns and criticisms that were aired last year by both government and industry and to consider how we might most appropriately respond.
- That has meant, among other things, engaging more effectively with our key stakeholders.
- That renewed focus has already started to generate some positive outcomes and the Commission is determined to build upon those in the years to come.”
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