Context
The FCA and Practitioner Panel 2022/23 survey is being sent to a sample of regulated firms, to gather their feedback on how it is doing in regulating the industry.
Key points to note
The survey is carried out on behalf of the FCA by independent social research organisation Kantar Public. Kantar will send the survey to all fixed firms and a sample of 13,000 flexible firms.
The survey results will be used to better understand the issues affecting firms and assess whether any changes should be made to the FCA’s approach, as part of it becoming a more innovative, assertive, and adaptive regulator. The survey is one of several sources of feedback used to evaluate the FCA’s performance against the key areas of its 3-year Strategy. The results will be published in summer 2023.
In line with the Market Research Society Code of Conduct, Kantar Public treats all survey responses in the strictest confidence. Personal information will not be published or shared with the FCA or the Panels.
Last year’s survey
Following the findings from last year’s survey the FCA made a number of improvements, including:
- Taking steps to help firms better understand why specific types of data are collected from them – for example, by adding descriptions and rationale at the top of each data collection form. Also, as a result of its work on the Transforming Data Collection programme, the FCA are piloting a data visualisation initiative to show firms, in a meaningful way, the data they submit.
- Responding to feedback in previous surveys, where some smaller firms said that they do not engage with the FCA’s consultation processes, due to the time required to respond to all questions and a lack of clarity on the most effective way to respond. The FCA is introducing a new, simpler approach to providing feedback on our proposals, using the Qualtrics tool. This allows firms to submit their responses online and to only respond to specific questions that are relevant to them. So far this year this approach has been used on 10 publications across a range of topics. The response has been positive, and they plan to continue making improvements based on feedback received.
Next actions
If you are one of the firms selected to complete the survey, please take the time to provide the FCA with your feedback.