The Practitioner Panel is an influential part of the FCA and mainly focuses on the conduct and workings of IFAs, Financial Planning firms, advisory firms and wealth management firms.

The annual survey is carried out by Kantar Public, an independent social research organisation, on behalf of the FCA.

The FCA wants to receive feedback on how well it is achieving 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

The results of the survey will be used by the watchdog to better understand the issues affecting all firms and help improve the FCA’s dealings with the financial sector.

The FCA said that last year’s survey revealed industry satisfaction with the watchdog and the industry’s rating of the FCA’s effectiveness has increased.

Firms’ 2017 overall rating for FCA’s effectiveness was 6.7 out of 10 in 2016 and this had risen to 7.0. Satisfaction with the regulator has increased steadily, from a low of 5.4 out of 10 in 2010 to 7.5 this year, the watchdog announced in its 2017 survey results.

In total, 2,080 firms completed the surve in 2017, a response rate of 21% and a rate which is considered low and will be looked into, said the FCA.

Last year’s survey also highlighted key areas for improvement which included:

• Transparency and predictability of regulation
• Better communications on EU withdrawal
• Improved perception of the quality of policy and technical staff

The FCA said: “We are committed to addressing all these areas, we will use the finding of this year’s survey to inform our future work.”