The FCA and Practitioner Panel Survey allows firms regulated by the FCA to give their views on the regulator’s performance. The latest wave of the survey was conducted by Kantar Public on behalf of the FCA and the Panel. Fieldwork took place between January and March 2019. In total, 2,888 firms completed the survey; a response rate of 29 percent. The results for consumer credit firms are based on responses from 148 firms and are presented separately. Overall, firms were asekd for feedback on how well the FCA was achieving its operational objectives, such as securing an appropriate degree of protection for consumers, protecting and enhancing the integrity of the UK’s financial system as well as promoting effective competition in the interests of customers.
The survey also revealed specific areas for improvement:
- Information requests: We need to ensure the costs of providing information imposed on firms are proportionate to the benefits achieved. There was a substantial increase in the proportion of fixed firms who said the number of information requests are greater than seems necessary. This is an issue both the Practitioner Panel and the Smaller Business Practitioner Panel have raised, highlighting both the volume of requests and these associated costs to firms.
- Trust in supervision: Flexible firms have overall higher satisfaction scores than fixed firms, but they are less likely to agree that our staff have sufficient experience and are appropriately qualified. Since carrying out the survey, we have clarified our approach to supervision and will evaluate the impact of this work and any changes to firm views in the next survey.
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