FCA And Practitioner Panel Commission Industry Survey For 2023-2024
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
The Financial Conduct Authority (FCA) and its Practitioner Panel asked for a survey for 2023-2024. This survey looks at how people in the industry feel about the FCA’s work in keeping the market fair.
The annual survey asked 25,000 firms to share their thoughts, giving important information about how these firms see the FCA’s role in the market.
The Financial Conduct Authority Wants To Build Confidence In The Financial Sector
Firms also shared their thoughts about how often the FCA asks for information. In the Retail Banking and Digital Assets sectors, 62% of firms said the requests were just right. However, 39% of firms in the Retail Investments sector said the FCA asked for more information than needed.
The filing stated that the FCA is pleased that most firms expressed a positive view of its work over the past year. Firms said they feel good about their relationship with the FCA and believe that the FCA can achieve its main goals. This feedback is seen as encouraging, particularly in light of all the recent changes in rules and regulations.
The survey gives useful information about how firms see the FCA’s work and its role in the market. This feedback will help the FCA do better and keep building trust among firms in the financial industry. By understanding how firms feel, the FCA can better support a fair and safe place for everyone involved.
The FCA wants to keep working hard and make sure that firms feel confident when they work together. According to the update, this feedback will help shape the future of the FCA’s role in the financial world.
The Financial Conduct Authority Aims To Support International Trade
The survey was done from February to April 2024. Responses came from different areas, like retail banking, digital assets, investment management, and wholesale financial markets. The survey wanted to find out how much trust firms have in the rules and how well the FCA helps international trade.
The results showed that 71% of firms in Retail Banking and Digital Assets said they trust the rules. Next, 58% of firms in Investment Management and Wholesale Financial Markets also said they trust the rules. However, only 34% of firms in Retail Investments and 39% in Pensions and Retirement Income felt the same.
The FCA’s work to help international trade was seen positively by 56% of firms in Retail Banking and Digital Assets. Support was lower in the Investment Management sector, where only 43% liked what the FCA was doing, and in the Wholesale Financial Markets sector, where support was at 40%.
Confidence was weakest in the Retail Investments sector, with only 19% of firms happy with the FCA, and in the Pensions sector, where only 16% were supportive.
