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FCA admits it needs to communicate better with small firms

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. 

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There are 3 comments at the moment, we would love to hear your opinion too.

  1. The FCA needs to communicate better with everyone, not just small firms. They are guilty unprofessional and inflammatory language that has had a profound and disastrous impact upon the savings and investments of the people they are supposed to exist to protect.

    The organisation is in need of radical reform and if you would like to help bring this about, please support the 38 Degrees campaign with a vote. http://38degrees.uservoice.com/forums/78585-campaign-suggestions/suggestions/5570078-reform-of-uk-financial-services-regulation-to-prot

  2. CommentThe FCA needs to communicate better with everyone, not just small firms. They are guilty unprofessional and inflammatory language that has had a profound and disastrous impact upon the savings and investments of the people they are supposed to exist to protect.

    The organisation is in need of radical reform, help with your vote here http://38degrees.uservoice.com/forums/78585-campaign-suggestions/suggestions/5570078-reform-of-uk-financial-services-regulation-to-prot

    Investoraction.wordpress.com

  3. Whether or not mortgage advisers need Consumer Credit permission, rather than trying to refer firms to compliance advisers would be a good start.

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