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FCA: Most firms satisfied with regulator’s performance

Survey-Form-Paperwork-Satisfied-Contract-Pleased-700.jpgMost firms regulated by the FCA are satisfied with its performance and believe it is an efficient regulator, the watchdog has said.

The survey conducted by the FCA and its Practitioner Panel – one of its advisory bodies – sought feedback on the regulator’s performance from the firms it oversees.

The results showed that both satisfaction and effectiveness scores had increased slightly year on year.

“Fixed” portfolio firms – normally larger businesses with permanement, dedicated oversight from the regulator – tend to be more critical of FCA than the “flexible” firms, the survey finds.

However, their average rating for satisfaction with their relationship with the FCA increased compared to last year.

The regulator’s poll also found that majority of companies were familiar with its Mission document.

“Awareness and engagement with the Mission was higher among fixed firms than flexible firms,” the report found.

FCA plans to absorb Brexit-related costs

The FCA board evaluated the poll’s results during their last meeting, minutes show.

The board noted that results from surveying fixed and flexible firms varied and suggested using different communications for both and polling them separately in future years.

Overall, the survey found that trust in FCA supervisors increased. The FCA says surveyed firms cited “improvement in the consistency of the supervisory approach” as the reason.

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Comments

There are 12 comments at the moment, we would love to hear your opinion too.

  1. Not an opinion shared by the W&PSC or the TSC or by a fair few MP’s.

  2. One wonders what lies ahead for the firms that said: No, and here are just a few of the reasons why….

  3. I’ve just conducted a quick poll of four DA colleagues, three of whom weren’t approached by the FCA to participate in this survey, and a fourth who was but chose not to.

    I asked them all what their responses would have been had they participated. All four indicated that their responses would have been overwhelmingly negative.

    How many firms took part in this survey? 20 or 2,000? How were they selected? At random or highly selectively?

    How many were invited to participate but (for reasons which aren’t hard to guess at) chose not to?

    And just what does the FCA mean by “most” firms it regulates, so say, think that it’s a great regulator? Is it 51% vs. 49% or is it 80% vs. 20%?

    What questions were asked? What were the most common negative responses?

    With so little information, it’s difficult to assess the validity of the FCA’s claim.

    One of my respondents suggested it may well have been rather like an election of Kim Jong Un, Robert Mugabe or Saddam Hussein. I’m inclined to agree.

  4. Frankly, I find the results astonishing.

    In truth, the FCA has improved from the dark days of 2001-2013 when it appeared out of control and operated by people with the barest idea of how ‘ordinary retail markets operate.

    Equally, the improvement is not significant – somewhat like congratulating a football team for moving out of the relegation zone.

    Maybe I would offer a different view if the horrible Gabriel returns did not use up hours of my time and if the questions asked appeared pertinent.

    Maybe I would offer a different view if they changed their tack on the longstop defence.

    Maybe I would offer a different view if the rulebook was readable, written in plain English rather than the current Chinese phone directory.

    Maybe I would offer a different view if the Ombudsman was reined in and instructed to obey SI2326 and to refute hearsay and the strangely coherent recollections of conversations that took place 20 years previously.

    • Over 20 years ago, the PIA was described by a respected think tank as an unbridled monster trampling roughshod over anyone or any body that dared to try to stand in its way. Has it, in its latest incarnation, improved significantly on that graphic description?

  5. There is a saying …..(could possibly be the FCA strap line behind closed doors)

    The beatings will continue until morale improves……

  6. The more I talk to other intermediaries, the more the consensus view emerges that this claim is utterly specious. Just who are all these firms who’ve allegedly given the FCA a resounding thumbs up?

  7. I spoke again yesterday to my colleague who was invited to participate but chose not to. Having been assured that all responses would be treated as anonymous, he received numerous reminders, which indicated fairly strongly that whilst his name, as a respondent, wouldn’t be made public, the FCA would certainly know if he had done so and take a good look at what he’d written.

    From this, it’s not hard to see why the majority of responses received were positive rather than negative.

    But that doesn’t constitute justification for the claim that “Most firms regulated by the FCA are satisfied with its performance and believe it to be an efficient regulator. Is it? All it indicates is that most of the responses received reinforce what the regulator wants to hear.

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