Firms’ confidence, satisfaction and trust in the FCA rise

* 79% of firms are highly satisfied with their relationship with the FCA, up from 74% the previous year.
* The proportion of firms rating the FCA as a highly effective regulator increased from 69% to 76%.
* 75% of firms reported high levels of trust in the FCA.
* Firms were most confident in the FCA's work to protect consumers (87%).
* Firms were most confident in the FCA's work to ensure markets work well (85%).
* Firms were most confident in the FCA's work to enhance the integrity of the UK financial system (85%).
* There was a 27-percentage point increase in firms’ understanding of the Secondary International Competitiveness and Growth Objective.
* There was a 25-percentage point increase in confidence in the delivery of the Secondary International Competitiveness and Growth Objective.
* 88% of firms say they understand what is expected on supporting consumers and embedding the Consumer Duty.
* Reporting simplification involved removing outdated or duplicated data returns for 90% of firms.
* The FCA delivered an estimated £5.6bn in benefits to consumers and the economy in the first year of its strategy.

The narrative centers on the successful internalization of regulatory priorities by regulated firms, evidenced by rising satisfaction and trust metrics. A critical tension exists between the stated success metrics (e.g., Consumer Duty understanding) and the FCA's expressed desire for further operational changes, particularly regarding regulatory burden. The shift in focus from pure regulatory enforcement to systemic outcomes—as highlighted by the growth in confidence concerning secondary objectives like competitiveness and growth—suggests a move toward framing regulation as an enabler rather than purely a constraint. The instruction for the Panel to be "more vocal about the progress" suggests that while performance is measurable, the narrative surrounding these outcomes requires stronger, more explicit articulation from the regulator to fully leverage that internal confidence externally. The implication is that maintaining this high level of trust depends not just on delivering results but on mastering the communication strategy around those results, especially regarding complexity and administrative load.
Bridge Questions: If firms have high confidence but still seek simplification, what specific structural barriers remain in regulatory processes that impede the practical application of stated goals? How does future success depend on the FCA’s ability to translate performance metrics into tangible, front-line procedural changes for firms? What are the long-term risks if the focus shifts too heavily toward abstract outcomes without maintaining clarity on operational delivery?