FCA and Practitioner Panel publish 2023/24 survey findings

The FCA and the Practitioner Panel have published a report setting out the findings of their 2023/24 joint survey of regulated firms.

The majority of responding firms had a positive view of the FCA’s performance in 2023/24, and firms’ satisfaction with their relationship with the FCA had increased since the 2022/23 report, with over 75% of firms reporting a ‘high’ level of satisfaction. The FCA flagged this achievement in particular given recent regulatory changes.

Firms noted the following areas for improvement, among others:

• facilitating growth and competitiveness;
• ensuring proportionality when introducing new initiative sand requests on firms; and
• improving data collection processes to reduce regulatory burden on firms, and demonstrating how the FCA uses the data firms provide.

The FCA noted that it is already working on improving these parts of its operations. It drew attention to its first report on delivering against the secondary growth objective (which was published after the survey was conducted), and the ongoing Cost Benefit Analysis Panel consultation.