FCA must improve communications
The FCA Practitioner Panel surveyed regulated firms in February/March this year as it looked to gain feedback on what is expected from the regulator.
Graham Beale, chairman of the FCA Practitioner Panel, said: “With the FCA only a month old, these survey results provide important feedback on the expectations of firms for the new regulator.
“The FCA needs to do more to allow competition to work in everyone’s best interests. It must improve the communications with industry so they better understand what is required.
“It should also be proportionate and predictable in its approach. If the FCA gets this right, there will be benefits for consumers and the economy as a whole, as well as for the financial services industry.”
Beale said he believes the FCA has made a promising start and said that the Practitioner Panel looks forward to working with the new FCA.
Martin Wheatley, chief executive of the FCA, said: “The survey is a valuable snapshot of how firms view regulation.
“From the last survey undertaken at the FSA it is clear that firms believed there are some areas which could be improved.
“As the FCA, we have changed our approach and the way we regulate, and we are becoming a more forward-looking, predictable and engaged regulator which acts from a position of greater understanding of the industry.
“We are also developing our approach to our competition objective. Our work with the Practitioner Panel will help us to develop these changes to ensure a well regulated financial services sector which gives consumers a fair deal.”