Most 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.
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.