The UK Financial Conduct Authority (FCA) and the Practitioner Panel said their latest annual survey showed stronger satisfaction, confidence, and trust among regulated firms. According to the results, 79% of respondents said they were highly satisfied with their relationship with the FCA, up from 74% a year earlier, while 75% said they had a high level of trust in the regulator. Firms’ confidence in the FCA’s work on consumer protection and maintaining well-functioning markets remained above 85%.
FCA Chief Executive Nikhil Rathi said it was encouraging to see confidence rise one year after the regulator’s strategy was put into effect, though he added that more work remained. Practitioner Panel Chair Matt Hammerstein said the findings pointed to broadly positive views of the FCA and a sharp increase in confidence in its ability to deliver on secondary objectives such as growth and competitiveness. The survey also highlighted areas where firms want more progress, including regulatory burden. The FCA said it had simplified reporting by removing outdated or duplicate data returns for 90% of firms and has continued work on reforms including compensation framework changes, buy now, pay later regulation, and a new cryptoasset regime.
The UK Financial Conduct Authority (FCA) and the Practitioner Panel said their latest annual survey showed an increase in firms’ satisfaction, confidence, and trust in the regulator.
According to the survey, 79% of respondent firms said they were highly satisfied with their relationship with the FCA, up from 74% last year. Another 75% said they had a high level of trust in the FCA. Firms’ confidence in the regulator’s work to protect consumers and keep markets functioning well stayed above 85%.
Officials point to stronger confidence after strategy rollout
FCA Chief Executive Nikhil Rathi said it was "encouraging" to see confidence rise one year after the strategy was implemented, while also acknowledging that more work still needs to be done.
Matt Hammerstein, chair of the FCA Practitioner Panel, said the findings showed that firms generally hold positive views of the FCA. He also said confidence had risen sharply in the regulator’s ability to deliver on secondary objectives including growth and competitiveness.
Survey also flags pressure over regulatory burden
The survey offered insight into areas where firms want to see more progress, including regulatory burden. The FCA said it has simplified reporting by removing outdated or duplicate data returns for 90% of firms.
Since the survey was conducted, the FCA said it has continued to advance several major reforms, including work with HM Treasury and other bodies on changes to the compensation framework, regulation of buy now, pay later products, and the creation of a new regime for cryptoassets.
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