RI-M06: Satisfaction on proportionality, effectiveness, and how regulator actions affect attractiveness of UK
Overall, from your firm’s perspective, how effective has the FCA been in regulating the financial services industry in the last 12 months? (Score out of 10)
| Fixed firms | Flexible firms | |||||||
|---|---|---|---|---|---|---|---|---|
| Score | 2022 | 2023/24 | 2025 | 2026 | 2022 | 2023/24 | 2025 | 2026 |
| Effective (≥7) | 65% | 84% | 68% | 69% | 65% | 70% | 69% | 76% |
| Mixed (4-6) | 30% | 16% | 29% | 29% | 27% | 24% | 25% | 19% |
| Not Effective (≤3) | 5% | 0% | 4% | 2% | 8% | 5% | 6% | 4% |
The work of the FCA enhances the reputation of the UK as a financial centre:
| Fixed firms | Flexible firms | |||||||
|---|---|---|---|---|---|---|---|---|
| Response | 2022 | 2023/24 | 2025 | 2026 | 2022 | 2023/24 | 2025 | 2026 |
| Strongly Agree/Agree | 78% | 84% | 58% | 89% | 72% | 73% | 67% | 71% |
| Neither Agree nor Disagree | 10% | 7% | 25% | 6% | 20% | 19% | 22% | 20% |
| Strongly Disagree/Disagree | 12% | 9% | 18% | 5% | 7% | 7% | 9% | 6% |
| Don’t know | 0% | 0% | 0% | 0% | 1% | 1% | 1% | 4% |
The FCA acts proportionately, so that the costs imposed on firms are proportionate to the benefits gained:
| Fixed firms | Flexible firms | |||||||
|---|---|---|---|---|---|---|---|---|
| Response | 2022 | 2023/24 | 2025 | 2026 | 2022 | 2023/24 | 2025 | 2026 |
| Strongly Agree/Agree | 33% | 34% | 29% | 33% | 37% | 42% | 40% | 45% |
| Neither Agree nor Disagree | 28% | 29% | 28% | 32% | 32% | 30% | 31% | 26% |
| Strongly Disagree/Disagree | 38% | 37% | 43% | 36% | 30% | 26% | 27% | 25% |
| Don’t know | 0% | 0% | 0% | 0% | 2% | 3% | 2% | 4% |
Alongside its primary strategic and operational objectives, the FCA has a secondary international competitiveness and growth objective (SICGO).
How confident are you that the FCA's oversight of the industry delivers on this objective?
| Fixed firms | Flexible firms* | |||||
|---|---|---|---|---|---|---|
| Response | 2023/24 | 2025 | 2026 | 2023/24 | 2025 | 2026 |
| Very Confident/Confident | 29% | 25% | 50% | 58% | 55% | 55% |
| Not very/at all Confident | 47% | 70% | 46% | 24% | 28% | 23% |
| Don’t know | 24% | 5% | 4% | 19% | 17% | 22% |
*This data is based on non-consumer credit flexible firms, excluding consumer credit firms with full permissions, where the latter is included in current reporting for FCA & Practitioner Panel 2026 survey.
How well would you say your firm understands what the FCA is trying to achieve through the secondary international competitiveness and growth objective (SICGO)?
| Fixed firms | Flexible firms | |||||
|---|---|---|---|---|---|---|
| Response | 2023/24 | 2025 | 2026 | 2023/24 | 2025 | 2026 |
| Very/Fairly well | 64% | 49% | 76% | 44% | 46% | 47% |
| Not very/at all well | 32% | 50% | 22% | 40% | 40% | 38% |
| Don’t know | 5% | 2% | 2% | 15% | 14% | 15% |
*This data is based on non-consumer credit flexible firms, excluding consumer credit firms with full permissions, where the latter is included in current reporting for FCA & Practitioner Panel 2026 survey.
Source: FCA & Practitioner Panel survey