The Financial Services Practitioner Panel (the Panel) has launched the main stage of its 2008 survey of regulated firms to obtain an authoritative industry assessment of the performance of the Financial Services Authority (FSA). The independent 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 performance over time.
An earlier qualitative stage, involving a series of interviews with senior staff from a cross-section of regulated firms, provided valuable feedback to help identify issues for inclusion in the postal questionnaire that forms the next stage. BMRB International, on behalf of the Panel, will be issuing the questionnaire to approximately 10,000 firms over a two week period; including all relationship-managed firms, and a representative sample of smaller firms including IFAs, Mortgage and General Insurance firms.
Previous surveys have achieved a high response rate, providing robust feedback from the financial services industry. All responses are treated in the in the strictest confidence - none of the information collected will be passed to the FSA or in any way identify the firm or the person completing the questionnaire. BMRB have set up a dedicated website for those firms who want more information about the survey. The survey website is:www.thepanelregulatorysurvey.co.uk
The Panel plans to publish the survey findings later in 2008. The Panel will then use the findings to inform subsequent discussions with the FSA and will help to determine the Panel’s priorities and approach – on a variety of issues – going forward.
Nick Prettejohn, Chairman of the Panel, said:
“The survey is an effective tool for communicating practitioners' concerns, views and suggestions to the FSA. The higher the response rate, the more authoritative and credible the survey results will be. Past surveys have enabled the Panel to have a significant and direct impact on front-line FSA policy-making and operational development.
“With the help of firms we can once again ensure that this will be the case. It is in the interests of all practitioners to help the Panel by providing us with their open, honest and constructive input. I therefore strongly urge all firms who receive the questionnaire to take part in this important 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