A number of you have received emails from the FCA inviting you to complete a feedback survey for them. I haven't actually seen the content of these but I would make a couple of points about them.
Although the surveys apparently take about 20 minutes, I would argue that it would be a good idea to complete. There are two reasons for this.
Firstly,presumably it is a chance to have a say about the FCA and make any points of annoyance etc if they give you the opportunity.
Questions that come to mind are:
1. Why am I paying an FSCS levy now for the failures in investment sales when I have never sold investment products?
2. Why is there a constant stream of Variations of permission required for existing regulated firms (with costs) when, with a little planning these could have been covered under one VOP application?
But perhaps I am being a bit unreasonable?
Secondly, you notice that this survey response is to the FCA and not to some outside organisation. Given that under the FCA regime, contact with firms is more hands off, I would suggest that every possible contact with the FCA gives the opportunity to demonstrate that you have engaged with them.
You will recall this word from the round of visits from the FSA on TCF and the like. There is nothing that a regulator likes more than to see that the firms that it regulates engage with them. This is an example. After all, on your file at the FCA however it looks there will be a simple entry of some kind I imagine. It will say something like.
FCA survey October 2015. Response received or response not received.
Which looks netter to a regulator when assessing your risk to regulation?
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