The Financial Conduct Authority (FCA ) and its Practitioner
Panel commissioned a survey for 2023-2024, conducted by Verian, to assess
industry perceptions of the FCA’s regulatory performance. This annual survey,
involving 25,000 firms, provides trend data and insights into how firms view
the FCA’s role in the market.
Fieldwork was carried out between February and April 2024,
and responses were gathered from various sectors, including retail banking,
digital assets, investment management, and wholesale financial markets. The
survey aimed to measure trust in the regulatory framework and the FCA’s
effectiveness in promoting international trade.
Retail Banking Trusts FCA
Results showed that 71% firms in the Retail Banking and
Digital Assets sectors were the most likely to trust the regulatory framework ,
followed by the Investment Management and Wholesale Financial Markets sectors,
both at 58%.
In contrast, only 34% of firms in the Retail Investments sector
and 39% in the Pensions and Retirement Income sector shared this view.
The FCA’s work in promoting international trade was viewed
positively by 56% of firms in the Retail Banking and Digital Assets sectors.
Support was lower from the Investment Management sector at 43% and the
Wholesale Financial Markets sector at 40%. Confidence was weakest in the Retail
Investments sector, with only 19% of firms supporting the FCA’s efforts, and in
the Pensions sector, where support was just 16%.
🇬🇧 FCA | FCA and Practitioner Panel Publish Report on 2023/24 Joint Survey of FCA Regulated Firms
• The Financial Conduct Authority (FCA) and the Practitioner Panel have released a report based on their joint survey of FCA regulated firms.• The report provides insights into…
— RegFlow Hub (@RegFlowHub) October 23, 2024
Retail Investments Report Excessive Requests
Firms also expressed their views on the frequency of data
requests from the FCA. In the Retail Banking and Digital Assets sectors, 62% of
firms felt the requests were appropriate, while 39% of firms in the Retail
Investments sector reported that the FCA requested more information than
necessary.
“We are pleased that the majority of firms have told us they
have a positive view of the FCA’s performance over the last year. Firms remain
satisfied with their relationship with the FCA and are confident that the
organisation can achieve its primary objectives. This is encouraging
particularly given the recent pace and volume of regulatory change,” the filing
stated.
The Financial Conduct Authority (FCA ) and its Practitioner
Panel commissioned a survey for 2023-2024, conducted by Verian, to assess
industry perceptions of the FCA’s regulatory performance. This annual survey,
involving 25,000 firms, provides trend data and insights into how firms view
the FCA’s role in the market.
Fieldwork was carried out between February and April 2024,
and responses were gathered from various sectors, including retail banking,
digital assets, investment management, and wholesale financial markets. The
survey aimed to measure trust in the regulatory framework and the FCA’s
effectiveness in promoting international trade.
Retail Banking Trusts FCA
Results showed that 71% firms in the Retail Banking and
Digital Assets sectors were the most likely to trust the regulatory framework ,
followed by the Investment Management and Wholesale Financial Markets sectors,
both at 58%.
In contrast, only 34% of firms in the Retail Investments sector
and 39% in the Pensions and Retirement Income sector shared this view.
The FCA’s work in promoting international trade was viewed
positively by 56% of firms in the Retail Banking and Digital Assets sectors.
Support was lower from the Investment Management sector at 43% and the
Wholesale Financial Markets sector at 40%. Confidence was weakest in the Retail
Investments sector, with only 19% of firms supporting the FCA’s efforts, and in
the Pensions sector, where support was just 16%.
🇬🇧 FCA | FCA and Practitioner Panel Publish Report on 2023/24 Joint Survey of FCA Regulated Firms
• The Financial Conduct Authority (FCA) and the Practitioner Panel have released a report based on their joint survey of FCA regulated firms.• The report provides insights into…
— RegFlow Hub (@RegFlowHub) October 23, 2024
Retail Investments Report Excessive Requests
Firms also expressed their views on the frequency of data
requests from the FCA. In the Retail Banking and Digital Assets sectors, 62% of
firms felt the requests were appropriate, while 39% of firms in the Retail
Investments sector reported that the FCA requested more information than
necessary.
“We are pleased that the majority of firms have told us they
have a positive view of the FCA’s performance over the last year. Firms remain
satisfied with their relationship with the FCA and are confident that the
organisation can achieve its primary objectives. This is encouraging
particularly given the recent pace and volume of regulatory change,” the filing
stated.
This post is originally published on FINANCEMAGNATES.
