The FCA and the Practitioner Panel have released the findings from the 2024/25 joint survey of FCA-regulated firms.

The survey provides insight into how regulated firms view the FCA’s performance and helps identify the issues that matter most to them.

Overall, feedback is consistent with previous years. Most firms rated satisfaction with the FCA at 7 out of 10, while 81% said their level of trust in the FCA had stayed the same as the previous year.

Matt Hammerstein, chair of the FCA Practitioner Panel, noted that the results reflect both progress made and areas where improvement is needed. He highlighted that trust levels, as well as perceptions of staff knowledge and experience, have remained stable. He also said many of the areas identified for improvement are already part of the FCA’s five-year strategy.

Areas where firms would like to see improvements include:

• Further steps to support growth and competitiveness
• Fewer unnecessary data requests, with the FCA only asking for information it needs
• A more streamlined supervision approach, including reducing the volume of correspondence

Nikhil Rathi, chief executive of the FCA, said that hearing from firms of all sizes is important to understanding their priorities. He explained that the feedback helps shape how the FCA operates and supports its aim to be more effective as a regulator.

Since the survey was conducted (3 February to 31 March 2025), the FCA has launched its new five-year strategy, which focuses on consumer protection, tackling financial crime, supporting growth, and improving regulatory effectiveness. Steps already taken include reforms to the UK listings rules, retail disclosure rules, workplace pension value, and consumer advice. The FCA has also promoted innovation through its AI lab.

Additionally, the FCA has reduced the number of data reporting requirements, benefitting more than 36,000 firms, and is working towards adopting a more flexible supervision model.