The FCA and Practitioner Panel 2022/23 survey findings

The Financial Conduct Authority, FCA, and „its“ Practitioner Panel have released the results of their 2022/23 survey on firms‘ satisfaction with the FCA as a regulator. The survey serves as a foundation to understand the challenges faced by firms and to enhance the FCA’s regulatory approach towards firms to come up with better results.
In summary, the majority of surveyed firms hold a positive perspective on the FCA’s performance, even amid a year marked by significant industry changes (consumer duty). However, some firms have pinpointed areas warranting improvement, including the application of proportionality in supervisory action and regulation, the adaptation to financial market innovation and emerging challenges, or the improvement of authorization procedures, to name the most significant issues raised by respondents.
Based on the feedback provided by respondents, the FCA has now devised a strategy for action, including the establishment of a panel to assess cost/benefit dynamics, ensuring rule-making powers are appropriately and proportionately employed. Additionally, it intends to streamline authorization processes, optimize information request protocols, and foster engagement with the FinTech and RegTech sectors through the Innovation Advisory Group and TechSprint events. Acknowledging the need to bolster trust and confidence in supervisors, internal changes are also in progress to ensure optimal outcomes for both consumers and firms.
To conclude, the FCA notes that it remains committed to heeding firm feedback, aiming for continuous refinement in the months ahead.