Members of the Finance & Leasing Association’s (FLA) have again been polled on their experience of dealing with the Financial Conduct Authority (FCA) and its new regulatory requirements.
At the latest FLA conference, 62% of delegates felt their companies were well-prepared for FCA regulation, 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.
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.”