The Financial Services Practitioner Panel is about to launch its 2008 survey of regulated firms to obtain an industry assessment of the performance of the Financial Services Authority (FSA) over the past two years. The survey – last undertaken in 2006 – aims to collect industry views on the FSA's approach to various topical issues and establish a track record of the regulator's performance over time.
Prior surveys have provided authoritative feedback from the financial services industry, which the Panel has used to make recommendations to the FSA about its practices, policies and priorities. A number of FSA initiatives in recent times can be tracked back to the Panel's 2006 survey. The Panel will use the results to commence an open and constructive dialogue with FSA management.
The Panel has appointed the market research company BMRB International to undertake the survey on its behalf. As before, it will comprise an initial qualitative phase followed by an extensive quantitative stage. The qualitative phase involves a series of interviews with a sample of senior staff from a cross-section of regulated firms. This will provide valuable feedback and context in itself, but will also be used to help identify issues for inclusion in the main postal fieldwork questionnaire that will be sent to regulated firms in the summer.
The Panel plans to publish the report and findings later in 2008.
Nick Prettejohn, Chairman of the Panel, said:
"Although the economic conditions immediately following our 2006 survey were relatively benign, it was nevertheless a period of much regulatory activity and change for the industry. Recently events have brought the work of the FSA very much into the spotlight – and the next few years are likely to be yet another challenging period for regulator and industry alike. The FSA's Business Plan agenda for 2008/9 is evidence of that change.
"So now is a good time for us to be undertaking this important study.
"The FSA is publicly committed to risk-based and proportionate regulation; and to making itself efficient and effective in its engagement with regulated firms – at both a strategic and an individual level. This research will invite practitioners from a comprehensive and wide range of financial services businesses – small and large, wholesale and retail - to tell us if they think those worthy aspirations are indeed being delivered. We would strongly urge firms to take part in this influential piece of work."
Notes for editors
The Financial Services Practitioner Panel was established under the Financial Services and Markets Act 2000 to represent the interests of practitioners and is independent of the FSA. Members are drawn from regulated institutions and market users at a senior level. Membership rotates to ensure a balance between consistency and new input. The Panel was set up on a non-statutory basis in November 1998 (as the Practitioner Forum) and became a statutory body in June 2001.
The current members of the Panel are:
Nick Prettejohn (Chairman), Chief Executive, UK Insurance, Prudential
Roy Leighton (Deputy Chairman),Chairman, Nymex Europe Limited
Russell Collins, Head of Deloitte UK National Financial Service Practice
Iain Cornish, Chief Executive, Yorkshire Building Society
Clara Furse, Chief Executive, London Stock Exchange
Douglas Gardner, former Chief Execuitive, AWD
Colin Keogh, Group Chief Executive, Close Brothers Group
Helena Morrissey, Chief Executive Officer, Newton Investment Management
Gordon Pell, Executive Chairman, The Royal Bank of Scotland
Andrew Ross, Chief Executive, Cazenove Fund Management
Mark Rothery, Chief Executive, Ancient Order of Foresters Friendly Society
Patrick Snowball, Deputy Chairman, Towergate Partnership Limited
Alan Yarrow, Vice Chairman, Dresdner Kleinwort Wasserstein (DrKW)
Roger Liddell, Chief Executive Officer, LCH.Clearnet Group Limited
Further information on the role and work of the Panel, including a copy of the 2006 survey and details of its membership, are available on its website: www.fs-pp.org.uk
Independent Panels Secretariat
020 7066 9534
Secretary to the Practitioner Panel
0207 066 1590