The industry’s opinion of the job the FCA is doing has improved since last year, a survey of over 2,000 firms suggests.
The FCA’s satisfaction rating has gone up from 6.7 to 7 out of 10.
However, the amount of respondents completing the FCA survey - 2,080 or 21% of those asked - dropped from the year before. The regulator is investigating why.
Satisfaction with the regulator has increased steadily, from a low of 5.4 out of 10 in 2010 to 7.5 this year, the FCA Practitioner Panel report stated.
The purpose of the study was to gauge the industry’s perception of the FCA and to what extent it is meeting its objectives.
The FCA asked for views on its three operational objectives:
Securing an appropriate degree of protection for consumers
Protecting and enhancing the integrity of the UK financial system
Promoting effective competition in the interests of consumers in the financial markets
This year’s survey found firms had increased confidence in the FCA’s ability to deliver against all three goals.
The report stated: “The competition objective, which is the newest of the FCA’s objectives, has always scored lower than the others, and last year the Panel expressed disappointment that there had been no real progress in this area.
“This year, however, 60% of firms reported that they were very or fairly confident in this objective, up from 56% last year, although still lower than the score for the other objectives.
“An increase in the score this year is welcome, but there is still further work to be done on this objective.”
The panel said that in the area of long-term savings and pensions last year there was concern about lower levels of satisfaction apparent. This year’s results showed satisfaction and effectiveness scores have both risen in this sector, as has their confidence in the FCA’s ability to meet its objectives. Levels of trust in the FCA have also increased in this sector, the report stated.
