We have published the findings of the FCA and Practitioner Panel 2023/24 survey (PDF).
The survey provides us with valuable feedback on how firms feel about the FCA’s performance. We use the results to get a better understanding of the issues affecting firms and assess whether any changes should be made to our approach.
We are pleased that the majority of responding firms have a positive view of the FCA’s performance over the last year.
Firms’ satisfaction with their relationship with the FCA has increased since the last report. Over three quarters of firms now report a ‘high’ level of satisfaction. This is a notable achievement given the recent scope of regulatory change.
Firms have also communicated areas where we could improve. This includes:
doing more to facilitate growth and competitiveness
ensuring we act proportionately when introducing new initiatives and requests on firms
improving the data collections process to reduce the regulatory burden on firms, demonstrating how we are using the data firms provide
We are already working to improve in many of these areas. Since the survey was undertaken, we have published our first report (PDF) on how we are delivering against our secondary growth objective. We are also continuing to consult the Cost Benefit Analysis Panel to improve transparency around the costs and benefits of new policies. We have further work planned in the coming months. This will include work to simplify our rulebook, improve data collection processes and improve our engagement with smaller firms.
We want to enable a fair and thriving financial services market for the good of consumers and the economy. Our success depends on the strength of the relationship between firms and the regulator. We will continue to listen to feedback to help improve how we operate and use the results as we develop our next strategy. We thank all firms who took the time to respond.
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