Industry Report - UK Companies Critical of Regulator’s Performance
The UK’s Financial Services Practitioner Panel has found that companies are critical of the Financial Service Authority’s regulatory performance. Over 3,000 firms responded to the survey carried out by the panel, which aimed to gauge the industry’s view of its regulator. Jonathan Bloomer, chairman of the panel, said: “The survey raises a number of issues…there is clearly still much room for improvement.” The cost of compliance is seen as possibly the single largest issue. Generally, firms complain about the level of investment required to ensure they are compliant and are concerned that these costs are likely to increase still further in the future. Another key finding of the survey underlines that UK companies believe that the current regulatory system places too great a burden on firms, and is harmful to the development of new products and services.