FCA asks regulated firms for feedback
The Financial Conduct Authority (FCA) has invited feedback from regulated firms on how effectively it is performing its role.
The FCA and practitioner panel 2022/23 survey will be sent to a sample of 13,000 regulated firms. The FCA will then use the responses to better understand the issues affecting firms, and to assess whether any changes should be made to the regulator’s approach.
“The survey is one of several sources of feedback used to evaluate our performance against key areas of our three-year strategy,” an FCA spokesperson said.
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“The results are presented to the practitioner panel and our board and will be published in summer 2023.”
Last year’s survey led to a number of improvements being made at the financial services regulator. These included taking steps to help firms better understand why the FCA collects specific types of data from them. The regulator is now piloting a data visualisation initiative to show firms how this data is used.
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Some smaller firms told the FCA last year that they do not engage with the regulator’s consultation processes because of the time required to respond to all questions.
As a result, the FCA is introducing a new, simpler approach to providing feedback on its proposals, which will allow firms to submit their responses online and to only respond to specific questions that are relevant to them.
The 2023 survey will be carried out by Kantar Research.
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