Firms’ confidence, satisfaction and trust in the FCA rise
By FCA
AI summary of the source article
The latest annual survey by the FCA and Practitioner Panel reveals growing confidence, satisfaction, and trust among regulated firms. According to the findings, 79% of firms report high satisfaction with their FCA relationship, up from 74% last year, while 76% view the regulator as highly effective. Understanding of Consumer Duty expectations reached 88%, and confidence in the FCA's Secondary International Competitiveness and Growth Objective grew by 25 percentage points. To address concerns regarding regulatory burden, the FCA is removing outdated or duplicated data returns for 90% of firms, generating an estimated £16 million in annual savings.
Why it matters
The survey results provide insight into how regulated firms view the FCA's performance and highlight industry demand to reduce reporting burdens to support UK competitiveness.
Key facts
- 79% of firms reported high satisfaction with their relationship with the FCA, up from 74% last year.
- 76% of firms rated the FCA as highly effective, and 75% expressed high levels of trust.
- The FCA is removing outdated or duplicated data returns for 90% of firms to simplify reporting requests.