The Financial Services Authority is inviting companies and individuals it disciplines to say afterwards what they think of the way the regulator set about their cases.
Sir Callum McCarthy, the FSA's chairman, stopped short of eating humble pie yesterday in a reference to how the organisation's appeals tribunal halved the original penalty it had imposed on Legal & General for pensions mis-selling.
Writing in his annual report, he stressed that the FSA is determined to be "fair as well as proportionate".
He went on: "The review of the FSA's enforcement procedures we completed last year shows that when we recognise failures in our processes we will seek to remedy them.
"I regret that it took so long for us to recognise the legitimacy of concerns expressed to us that these processes were not fair to those subject to them."
Sir Callum added: "It is in our interest as much as that of those we regulate that all our processes are, and are seen to be, fair and efficient. We have put in place systems designed to make it easier for those affected by our decisions, whether supervisory or enforcement, to comment on how those decisions have been made and implemented.
"I hope that those we regulate will not be inhibited from making constructively critical use of those systems."
The report shows that a single #13.96 million fine imposed on Citigroup last June for the huge "Dr Evil" bond dealing ploy, denounced as market abuse, accounted for all but #3.47 million of fines totalling #17.43 million levied by the FSA last year.
Sir Callum's pay for the FSA's year to April jumped to #436,000 from #382,000 in 20004/05.
