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February 5, 2024
The FCA and Practitioner Panel joint survey will be sent to a sample of regulated firms to gather feedback on how the industry is regulated.
The survey is carried out on the FCA’s behalf by Verian (formerly known as Kantar Public), an independent social research organisation. This year, the survey will be sent to all ‘fixed’ Portfolio firms and an increased sample of 25,000 ‘flexible’ Portfolio firms.
The survey forms part of the FCA’s aim to be an “innovative, assertive, and adaptive regulator”; feedback is designed to help detect and understand issues affecting firms, assess the FCA’s approach to regulating the industry, and consider whether changes could be made.
The survey is one of several sources of feedback the FCA use to evaluate their performance against key areas of their 3-year strategy. The results will be presented to the FCA and Practitioner board and published in summer 2024.
The FCA has asked that, if your firm should be requested to participate in the survey, you take time to provide feedback
Following the findings of last year’s survey, the FCA has indicated that it listened to the feedback provided, and that it is taking actions accordingly, including:
- Improving its Authorisations performance and processing times for firms.
- Creating a new Cost Benefit Analysis Panel in 2024 to provide advice on the FCA’s cost/benefit analysis which, along with using firm feedback collected as part of the FCA’s impact evaluation work, will help ensure that the FCA acts proportionately when introducing new policies.
- Analysed feedback on data requests from firms, including how long they take to complete and any associated costs incurred. The FCA will use the insights to continue to make improvements.
With the FCA having been keen to embrace a data-driven approach in recent years, the survey offers a valuable opportunity to provide qualitative, individualised feedback and allow you to have your say on how the industry is regulated, suggest changes or adjustments, and flag common issues affecting businesses.
In accordance with the Market Research Society Code of Conduct, Verian treats all survey responses in the strictest confidence. Personal information will not be published or shared with the FCA or the Panels.
