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FCA to ask small advice firms how regulation impacts them

The FCA has announced a project to better understand how its rules affect smaller firms, including financial advisers.

The regulator published a note today informing firms that it would soon conduct a survey to specifically identify how FCA rules impact them, to “help ensure FCA cost benefit analyses and judgements of proportionality take account of smaller firms’ circumstances”.

A “small representative sample of firms” will be interviewed by consultancy  Kantar Public on the watchdog’s behalf over the coming month.

This will help the FCA to design an online questionnaire, and in April and May this will go out to a wider sample of firms.

The FCA notes that the results will be kept fully anonymous and it “would greatly appreciate” firms’ participation.

Meanwhile, the FCA is also repeating its larger annual survey, and will be inviting 12,000 firms to take part in the research, with a view to publishing the results in the third quarter of the year.

The regulator writes: “[The survey] provides an opportunity for regulated firms to speak directly to the FCA and share their views and concerns. It provides the FCA board and executive with important feedback about the FCA’s performance and enables the FCA to adjust their approach to become a better regulator…If you are one of the firms selected to take part, please consider taking the time to complete it.”



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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Stable door well and truly closed, horses all bolted.

  2. The most important and desperately overdue change the FCA could and needs to make to its approach, with a view to becoming a better regulator, would be to embrace and adopt fully and sincerely the precepts of the Statutory Code of Practice For Regulators (and by that I mean the original 2007 version, not the disgustingly bowdlerised 2014 revision to it).

    Read it here:

    “The Regulators’ Compliance Code is a central part of the Government’s better regulation agenda. Its aim is to embed a risk-based, proportionate and targeted approach to regulatory inspection and enforcement among the regulators it applies to.

    Our expectation [never enforced] is that as regulators integrate the Code’s standards into their regulatory culture and processes, they will become more efficient and effective in their work. They will be able to use their resources in a way that gets the most value out of the effort that they make, whilst delivering significant benefits to low risk and compliant businesses through better-focused inspection activity, increased use of advice for businesses, and lower compliance costs.

    From day one, the FCA has studiously and wilfully ignored virtually every element of the Code, almost as if it doesn’t even exist, and nothing we’ve ever heard from it indicates any intention for that to change. Without such change ~ a fundamental change of mindset ~ as the foundation stone of this consultation, it’s just a token charade.

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