Financial and Business News

39% of Retail Investment Firms Cite Excessive FCA Data Requests, Survey Shows

Wednesday, 23/10/2024 | 10:09 GMT by Tareq Sikder
  • Retail Banking and Digital Assets firms show the highest trust in FCA’s effectiveness at 71%.
  • The survey includes responses from 25,000 firms across various financial sectors.
FCA Survey

The Financial Conduct Authority (FCA) and its Practitioner Panel commissioned a survey for 2023–2024, conducted by Verian, to assess industry perceptions of the FCA’s regulatory performance. This annual survey, involving 25,000 firms, provides trend data and insights into how firms view the FCA’s role in the market.

Fieldwork was carried out between February and April 2024, and responses were gathered from various sectors, including retail banking, digital assets, investment management, and wholesale financial markets. The survey aimed to measure trust in the regulatory framework and the FCA’s effectiveness in promoting international trade.

Retail Banking Trusts FCA

Results showed that 71% of firms in the Retail Banking and Digital Assets sectors were the most likely to trust the regulatory framework, followed by the Investment Management and Wholesale Financial Markets sectors, both at 58%.

In contrast, only 34% of firms in the Retail Investments sector and 39% in the Pensions and Retirement Income sector shared this view.

Source: FCA
Source: FCA

The FCA’s work in promoting international trade was viewed positively by 56% of firms in the Retail Banking and Digital Assets sectors.

Support was lower from the Investment Management sector at 43% and the Wholesale Financial Markets sector at 40%. Confidence was weakest in the Retail Investments sector, with only 19% of firms supporting the FCA’s efforts, and in the Pensions sector, where support was just 16%.

Source: FCA
Source: FCA

Retail Investments Report Excessive Requests

Firms also expressed their views on the frequency of data requests from the FCA. In the Retail Banking and Digital Assets sectors, 62% of firms felt the requests were appropriate, while 39% of firms in the Retail Investments sector reported that the FCA requested more information than necessary.

Source: FCA
Source: FCA

“We are pleased that the majority of firms have told us they have a positive view of the FCA’s performance over the last year. Firms remain satisfied with their relationship with the FCA and are confident that the organisation can achieve its primary objectives. This is encouraging particularly given the recent pace and volume of regulatory change,” the filing stated.

The Financial Conduct Authority (FCA) and its Practitioner Panel commissioned a survey for 2023–2024, conducted by Verian, to assess industry perceptions of the FCA’s regulatory performance. This annual survey, involving 25,000 firms, provides trend data and insights into how firms view the FCA’s role in the market.

Fieldwork was carried out between February and April 2024, and responses were gathered from various sectors, including retail banking, digital assets, investment management, and wholesale financial markets. The survey aimed to measure trust in the regulatory framework and the FCA’s effectiveness in promoting international trade.

Retail Banking Trusts FCA

Results showed that 71% of firms in the Retail Banking and Digital Assets sectors were the most likely to trust the regulatory framework, followed by the Investment Management and Wholesale Financial Markets sectors, both at 58%.

In contrast, only 34% of firms in the Retail Investments sector and 39% in the Pensions and Retirement Income sector shared this view.

Source: FCA
Source: FCA

The FCA’s work in promoting international trade was viewed positively by 56% of firms in the Retail Banking and Digital Assets sectors.

Support was lower from the Investment Management sector at 43% and the Wholesale Financial Markets sector at 40%. Confidence was weakest in the Retail Investments sector, with only 19% of firms supporting the FCA’s efforts, and in the Pensions sector, where support was just 16%.

Source: FCA
Source: FCA

Retail Investments Report Excessive Requests

Firms also expressed their views on the frequency of data requests from the FCA. In the Retail Banking and Digital Assets sectors, 62% of firms felt the requests were appropriate, while 39% of firms in the Retail Investments sector reported that the FCA requested more information than necessary.

Source: FCA
Source: FCA

“We are pleased that the majority of firms have told us they have a positive view of the FCA’s performance over the last year. Firms remain satisfied with their relationship with the FCA and are confident that the organisation can achieve its primary objectives. This is encouraging particularly given the recent pace and volume of regulatory change,” the filing stated.

Topics
fca
retail
payments
bank
The Financial Conduct Authority (FCA)
About the Author: Tareq Sikder
Tareq Sikder
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A Forex technical analyst and writer who has been engaged in financial writing for 12 years.

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