The Financial Services Practitioner Panel has launched the second stage of its 2006 survey of regulated firms to obtain an authoritative industry assessment of the performance of the Financial Services Authority (FSA). The survey, which is carried out every two years, is aimed at gathering industry views on the FSA and establishing a track record of the regulator's effectiveness and operations.
The first (qualitative) stage involved a series of interviews with senior staff from a cross-section of regulated firms and provided valuable feedback to help identify issues for inclusion in the quantitative questionnaire that forms the second stage. GfK NOP, on behalf of the Panel, has recently issued the questionnaire to over 10,000 firms; including all relationship-managed firms, a representative sample of smaller firms and, for the first time, to a representative sample of Mortgage and General Insurance firms.
Previous surveys have achieved a high response rate, providing robust feedback from the financial services industry. All responses will be treated in the in the strictest confidence - none of the information to be collected will be passed to the FSA or in any way identify the firm or the person completing the questionnaire.
The Panel plans to publish the survey findings later in 2006. It will then use the information to inform subsequent discussions with the FSA.
Roy Leighton, Chairman of the Panel, said:
"The survey is an effective tool for communicating practitioners' concerns, comments and suggestions to the FSA. The higher the response rate, the more authoritative and convincing the survey results will be. Past surveys have enabled the Panel to have a substantial, direct impact on front-line FSA policy-making and operational development. With your help we can ensure that this will again be the case. I strongly urge all firms who receive the questionnaire to take part in this important piece of work."
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