The survey gives views across the financial services sector of our performance as a regulator. It provides us with important information to help us achieve our objectives.
We are currently undergoing a substantial transformation process, so more than ever, feedback from the survey is essential in helping us address the challenges ahead.
Key themes from the feedback included:
- A positive view, particularly amongst larger firms, of our performance during the pandemic.
- Some firms told us that that we have a reactive, rather than proactive, approach to risk. In particular, some firms are concerned that there may be significant or emerging risks in the market of which we are not aware. This is a key area of focus for our transformation work.
- We are concerned about the number of smaller firms that suggested they aren’t engaging with our consultation processes. We’ll ensure that all open consultations are included in our Regulation Roundup newsletter. In addition, we have trialled a new online response process, intended to make it easier for firms to respond to consultations. The trial was successful and we’ll roll out the new process soon.
- Firms are often unclear about why we collect the data we request from them. We’re feeding these findings into work we are undertaking to reduce regulatory burden.
- There were concerns on the time it takes for authorisations to be completed but many of those that expressed that view pressed for more thorough background checks on owners of failed firms seeking to re-join the industry. We’ve recently announced changes to our decision-making process. The new process will ensure we can make faster and more effective decisions for consumers, markets and firms.