Three quarters told poll it was “same people and policies”
Three quarters of brokers believe the FCA is simply a rebranded version of the FSA ,according to a poll conducted by compliance business UKGI at last week’s Biba conference.
When asked if they agreed with the statement “The FCA is the FSA in another guise – same people and policies, different brand”, 75% of respondents at the Biba conference either agreed or strongly agreed.
Some 40% of respondents said they thought the FCA would have a positive impact on the industry, 20% felt it would have a negative impact, and 21% believed it would have no impact at all.
“What these results show us is that although the FCA have done a lot of hard work in getting their message across, the vast majority of brokers are still unconvinced that the FCA really is a new body with new idea,” said UKGI managing director Jerry White.
“Although Martin Wheatley’s engagement programme with the market is to be welcomed, there is more work to be done in clarifying how they will engage with brokers,” he added.
The Biba survey also found that most brokers are prepared for any intervention by the FCA, with 73% believing they had resources in place to deal with the changing regulatory landscape. However, more than 20% still believe they need to bring in specialist support to help them deal with the changes.
FCA chief executive Martin Wheatley (pictured) told the Biba conference last week that the regulator would take “early and decisive action” when it suspected wrongdoing.
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