The Financial Conduct Authority (FCA) is shortly to conduct two separate surveys into the impact on firms of its regulatory activities.
Firstly, the FCA has launched its regular annual survey, which is conducted in association with its Practitioner Panel – the body that represents the interests of practitioners of larger firms and aims to provide input to the FCA from the industry to help it in meeting its statutory and operational objectives in an effective manner.
12,000 firms have been invited to take part in the 2019 survey.
On completion of the survey, the results will be presented to the FCA Board and to the Practitioner Panel, with the findings being published in the third quarter of 2019.
The 2018 survey – completed by over 2,500 authorised firms – found that respondents rated the effectiveness of the FCA at an average score of 7.1 out of 10, with satisfaction with the regulator scoring 7.6. Both figures were slightly higher than the equivalent figures in 2017. Smaller firms rated satisfaction with the FCA at 7.3.
The effectiveness of communications from the FCA was rated at an average of 7.4, up from 7.0 in 2017.
86% of respondents said they were confident that the FCA can meet its strategic objective of ensuring that financial markets function well, up from 79% in 2017. Perhaps the area of greatest dissatisfaction in the 2018 survey related to firms’ perception of the FCA’s response to European Union-related developments.
In addition, the FCA said in its Regulation Round-up on January 17 that it would be seeking the views of a small representative sample of smaller firms, with the aim of discovering exactly how FCA regulation impacts them. In depth interviews will be conducted with the selected firms, and the results of these interviews will assist the FCA in designing an online questionnaire that will be sent to a larger number of firms during April and May 2019. The regulator assures firms that responses given during this exercise will be kept anonymous.
Both exercises will be conducted by consultancy Kantar Public on the regulator’s behalf.
The information shown in this article was correct at the time of publication. Articles are not routinely reviewed and as such are not updated. Please be aware the facts, circumstances or legal position may change after publication of the article