The Financial Conduct Authority and Practitioner Panel’s annual survey found improved industry perceptions of the regulator, alongside broad understanding of Consumer Duty expectations. The share of firms highly satisfied with their FCA relationship rose to 79% from 74%, while 76% rated it highly effective, up from 69%, and 75% reported high levels of trust. Confidence was highest in the FCA’s work to protect consumers at 87%, ensure markets work well at 85% and enhance UK financial system integrity at 85%. Firms’ understanding of the Secondary International Competitiveness and Growth Objective increased by 27 percentage points, while confidence in its delivery rose by 25 percentage points. Separately, 88% understood the FCA’s expectations for supporting consumers and embedding the Consumer Duty. Firms identified regulatory burden as an area for further progress. The FCA is removing outdated or duplicated data returns for 90% of firms and estimates that reporting changes save firms about GBP 16 million annually. The Practitioner Panel also called for clearer communication of the outcomes expected from the FCA’s priorities and progress against them.
UK Financial Conduct Authority survey finds firm satisfaction and effectiveness ratings rise
The Financial Conduct Authority and Practitioner Panel survey found that 79% of firms were highly satisfied with their regulatory relationship, while 76% rated the FCA highly effective and 75% reported high trust. Understanding of Consumer Duty expectations reached 88%, but firms continued to seek progress on reducing regulatory burdens.