The Performance Account
The Performance Account provides our stakeholders with detailed information about our performance and adds to the information contained in our Annual Report. It sets out how we measure our performance against our strategic aims.
Our three strategic aims are:
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Helping retail consumers achieve a fair deal
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Promoting efficient, orderly and fair markets
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Improving our business capability and effectiveness
This account provides you with information about the areas of our service that we measure, for example how quickly we deal with calls made to the Consumer Contact Centre. It also tells you how we are performing against these measures and our monitoring of customer satisfaction.
FSA performance evaluation
In 2002 we published 'Our approach to performance evaluation (2002)' [PDF] which set out how the FSA measures its regulatory effectiveness. It explained that we measure our performance at three tiers:
- High level indicator outcomes
- Activity measures
- Process measures
In 2007 we published an update to this paper 'How we evaluate our performance - the Outcomes Performance Report and developments in our approach since 2002' [PDF] . This paper includes details of our Outcomes Performance Report (OPR), which we are now using to evaluate the FSA's overall performance, including the effectiveness of our move towards principles-based regulation. It sets out more information about the OPR, how and why it was developed and how it works in practice, and explains how the FSA’s approach to performance is developing. More information on the OPR can be found on the Outcomes Performance Report page.
We use a variety of different tools to measure and evaluate our performance. These are set out in more detail in the section below on Performance Measurement.
Performance Measurement
Service Standards
We have service standards applicable to a range of our services, including how we deal with telephone enquiries, correspondence and applications. Here we report on whether we have met our targets for the previous six months (the information in this section is updated every April and October).
Milestones
As part of our commitment to increase our transparency and accountability we state our key milestones for the year in our Business Plan. Here we report progress against our milestones (updated quarterly).
Enforcement Performance Account
The Enforcement Performance Account (EPA) is published annually. The EPA includes statistical and background information about enforcement investigations and their outcomes. It also provides an assessment of the fairness and effectiveness of the enforcement process, which is based on feedback from firms and practitioners that have been involved in the enforcement process.