70% still in the dark about FCA requirements
A poll exploring the industry's attitudes towards FCA regulation found that over a third of people still don't feel their companies are well-prepared for new regulatory requirements.
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62% of Finance & Leasing Association members feel their companies are well-prepared for FCA regulation, but this is still a substantial increase compared with 30% when the same question was asked in October 2014, and 43% when it was repeated in March of this year.
When asked what had been the most challenging aspect of preparing for, or going through, FCA authorisation, 70% said it was knowing what information the FCA required of them.
Additionally, 68% said that the overall cost of FCA regulation has been higher than they initially budgeted for.
Fiona Hoyle, Head of Consumer Finance at the FLA, said:
“Firms are much better prepared for FCA regulation than they were a year ago. This is a great achievement, considering the break-neck speed at which the regime was implemented.
“But the industry – and in particular the intermediary market – needs more certainty about the information the FCA expects to see in authorisation applications. We have asked the FCA to consider ways of making their requirements clearer, so as to avoid unnecessary delays for firms applying for authorisation.”
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