The Financial Conduct Authority (FCA) and the FCA Practitioner Panel released the results of this years survey sent to FCA regulated firms. This particular survey is concerned with FCA’s regulatory performance and how do the firms regard their relationship with FCA. Over 2000 firms took part in the survey which was being held in March and April of this year.
Previous years the survey only covered the part on how the FCA was perceived by the regulated firms on the market and whether or not they thought the authority was satisfying the objectives set forth. This year it was decided to combine the survey with an annual questionnaire for feedback in order to avoid having multiple documents sent to the firms in question.
This years survey has indicated a satisfactory level of quality when it comes to the relationship between the FCA and the industry as well as an increase in perceived effectiveness. This is in contrast with last years lower levels of satisfaction.
António Simões, Chair of the FCA Practitioner Panel, noted: ‘’We are encouraged by the findings of this year’s survey that there has been progress against all three of the FCA’s operational objectives. Last year we identified that there were concerns around the competition objective, and that the life and pensions industry was more generally dissatisfied with the work of the FCA than other sectors. To see progress against both these points is a sign that the regulator is heading in the right direction. The Panel will continue to work with the FCA to address the issues raised in the survey about communication, volume of regulation and the challenges of Brexit.’’
Andrew Bailey, Chief Executive of the FCA responded to the survey data by saying: ‘’We are pleased that firms continue to rate our performance as a regulator highly. But we know that we can always do better and the survey is very helpful in identifying a number of areas for improvement. In our Mission we committed to be more transparent, communicating clearly with firms so that they understand our role, remit and expectations. The survey also reflects concerns amongst firms about the uncertainty ahead for the financial services sector and we remain committed to delivering effective regulation which will enhance the UK financial system in the future.’’