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The UK Financial Conduct Authority (FCA) and its Practitioner Panel published the results of their annual survey, revealing a notable rise in satisfaction, confidence, and trust among regulated financial firms. Satisfaction with the relationship with the regulator rose to 79%, up from 74% in the previous year, while trust in the authority reached 75%. Furthermore, 76% of surveyed firms rated the FCA as a highly effective regulator, up from 69% in the prior period.
The survey highlighted strong industry confidence in the FCA's core mandates, with 87% supporting its consumer protection efforts and 85% trusting its market integrity initiatives. Notably, firm understanding of the FCA's secondary objective to foster international competitiveness and economic growth saw a massive 27-percentage-point jump. Operational understanding around Consumer Duty expectations also reached 88%, following clearer regulatory guidance provided over the past year.
Despite the positive feedback, participating firms emphasized the need to lower administrative and regulatory burdens. In response, the FCA detailed progress on its ongoing strategy, which includes eliminating duplicated reporting for 90% of firms to save an estimated £16 million annually. Regulators and financial institutions globally will monitor how these British reforms balance competitive growth with oversight standards.
