Almost two thirds (62%) of delegates polled at the Finance & Leasing Association conference now feel “well prepared” for FCA regulation – a significant improvement a similar poll last year when just 30% said they felt confident about the process.
Alongside being asked about their readiness for regulation delegates were also quizzed about the FCA Authorisation process.
When asked what the most challenging aspect of preparing for, or going through, authorisation was 70% said it came down to 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.”
The latest FLA conference was the fifth held by the association and has a specific focus on the FCA’s ) new consumer credit regulatory regime.