More than eight out of 10 financial services firms recognise the need for strong regulation by the F...
More than eight out of 10 financial services firms recognise the need for strong regulation by the FSA, according to the results of a survey conducted by the Financial Services Practitioner Panel.
The results showed that 85% of respondents recognised the need for strong regulation by the body, an increase from the last survey that was conducted in 2006, which reported that 79% of firms felt this way.
The survey also revealed that the vast majority (82%) of firms believed that the current regulatory system places too much of a burden on firms, although this had decreased since the last survey.
Nick Prettejohn, chairman of the Financial Services Practitioner Board, said: "This survey gives a useful readout of the attitudes of the industry to regulation taken around the middle of 2008. Not surprisingly, there was a sharp decline in the rating given by the industry in the rating of the FSA for maintaining confidence in the financial system, although there was no change in firms' rating of the FSA's performance versus its other objectives."
The FSA responded by saying that the survey was an important tool for it to assess how it is perceived by the firms it regulates.
Hector Sants, chief executive of the body, said he was particularly encouraged by more firms reporting being satisfied with the FSA.
He added: "The FSA recognises that our understanding of firms and their business remains the major area where we need to improve, and this has been identified as a priority for some time."
