For the first time the FCA is to survey all regulated firms for its annual Practitioner Panel joint survey.

The survey will be sent to all regulated firms shortly to enable them to share feedback on how the FCA regulates the industry.

The FCA promises to make necessary changes depending on the results from the survey.

The survey will be carried out by Verian over the next few months.

The FCA says this year it wants to see how it can streamline its rulebook following a call for input asking for views on where it can simplify retail conduct rules and guidance.

It also wants to make it easier firms to supply data, including creating a new firm portal, My FCA, due to launch in Spring 2025. It will also review its regular data returns to ensure it still requires the data it receives.

Chancellor Rachel Reeves has recently called on regulators to do more to spur growth and cut back on unnecessary red tape and over-burdensome regulations.

Last year’s survey, completed by 6,600 firms, led to significant changes in how the FCA operates.

Among the actions that followed last year’s survey were:

• New measures to support growth

• Overhaul of UK listing rules

• Reform of UK retail disclosure rules

• Changes to the remuneration regime for dual PRA/FCA regulated firms

• Proposals to provide better value for money for workplace pension savers

• The launch of the FCA’s AI Lab to support innovators.

The FCA says it will use the survey results to, “better understand issues affecting firms and to assess any changes we should consider making so we can operate more efficiently and effectively."

The survey is one of several sources of feedback used to evaluate FCA performance against key areas of its 3-year Strategy. 

The results are presented to the Practitioner Panel and the FCA board and will be published in summer 2025.