Context
The Practitioner Panel surveys FCA authorised firms and publishes its findings each year. This year, the survey was conducted between 3 February and 31 March 2025.
The FCA and the Practitioner Panel have now the findings of the 2024/25 survey. The survey feedback gives a picture of how firms see the FCA’s performance and helps it to focus on the issues that matter.
Key points to note and next actions
The feedback shows that firms’ views are similar to previous years, with most firms continuing to hold a positive perception of the FCA’s performance (a rate of 7 out of 10 for satisfaction) and trust (81% said trust levels were similar to last year) in its role to deliver strategic priorities and maintain the integrity of financial markets.
Among areas firms have expressed the FCA can improve on are:
- Taking further steps to support growth and competitiveness;
- Unsurprisingly, to continue to reduce unnecessary data requests, by asking for only what is needed; and
- To streamline its supervision approach by reducing the amount of correspondence firms receive
Matt Hammerstein, chair of the FCA Practitioner Panel notes that “these results highlight both the progress the FCA has made and the areas where further improvement is needed” and that “many of the areas for improvement align with priorities set out in the FCA’s new 5-year strategy”.
Nikhil Rathi, chief executive of the FCA said “Listening to firms of all sizes helps us understand what really matters to them, and the feedback is essential to shaping how we operate. By acting on these insights, we can continue to strengthen our effectiveness and be a smarter regulator.
We’re already taking significant strides to address these priorities and drive meaningful improvements where they matter most. Since the survey was carried out, we have launched our new 5-year strategy focusing on helping consumers, fighting crime, supporting growth and being a smarter regulator.”