The FCA and the Practitioner Panel have published the report from their joint survey of FCA regulated firms. One of the key findings is that the Financial Conduct Authority is perceived as an effective regulator, with an effectiveness score of 7.1, up from 7 last year.
Perceptions were highest among the retail lending sector which gave a score of 7.6 but were lower in the retail investment sector which gave a score of 6.7. When asked how satisfied firms were with the FCA, they gave a score of 7.6 out of 10, which was also an increase on last year, when they gave a score of 7.5.
Further analysis found that there were a number of areas for improvement that the Financial Conduct Authority will address over the next 12 months.
- Facilitating innovation within UK financial services.
- Transparency of regulation.
- More forward-looking regulation.
Andrew Bailey, chief executive of the FCA, said:
"We were pleased that this year the response rate to the survey has increased from 21% to 26%. The more feedback we get, the more we can work together to make financial services work better for everyone. We were also pleased to see that the scores track for overall satisfaction and effectiveness have continued to increase, as they have done throughout the life of the FCA."
"The FCA and the Panel will continue to work together to identify where the regulator is working well and where there is room for improvement. Addressing the issues identified in this report will help the FCA to continue adapting to the rapidly changing external environment, to ensure the UK maintains its strong international reputation for regulation."
A total of 2613 firms completed the survey, with 79% agreeing that the work of the Financial Conduct Authority enhanced the reputation of the UK as a financial centre.