It is carried out on our behalf by Kantar Public, an independent market research organisation, who sent the survey to a sample of firms. This gives firms an opportunity to provide their views on how we regulate industry.
The results are the highest positive indicators since the survey began. The scores which we use to track for overall satisfaction and effectiveness have continued to increase. There is an increase in confidence that our oversight of the industry will deliver on all three of our operational objectives:
- Securing an appropriate degree of protection for consumers.
- Protecting and enhancing the integrity of the UK financial system.
- Promoting effective competition in the interests of consumers.
In particular, confidence around our competition objective (promoting effective competition in the interests of consumers) is up significantly from 60% to 72%.
The analysis of the findings has also identified a number of areas for improvement, which we will continue to address over the coming year:
- Facilitating innovation within UK financial services.
- Transparency of regulation.
- More forward-looking regulation.
We will use the results to better understand the issues affecting all firms and help improve how we work.
The results have been presented to the Practitioner Panel and the FCA Board.