The FCA has admitted it should do more to communicate effectively with small firms.
Minutes of the regulator’s January board meeting, published today, show the FCA’s Smaller Business Practitioner Panel made comments regarding the need for investment in digital communication with smaller firms.
The minutes say: “It was accepted that further work on effective communication with smaller firms was required and that this could be informed by lessons learned from the engagement with firms on consumer credit.
“Consideration should also be given to whether there were further opportunities to increase transparency; for example by publishing the FCA’s intended thematic reviews.”
The minutes also revealed that taking over the regulation of the consumer credit sector has cost the FCA more than it expected and it has been forced to take on extra resource to meet deadlines.