In an effort to better solicit feedback from smaller firms to its policy consultations, the U.K.’s Financial Conduct Authority (FCA) is experimenting with an online response process.
Following an industry survey, the FCA said it was concerned about the lack of small firms that engage in its consultations.
In response, the regulator said it tested a new online response process designed to make it easier for firms to participate in regulatory consultations.
“The trial was successful, and we’ll roll out the new process soon,” it reported.
Other issues that were highlighted in the survey include concerns about the regulator’s readiness to combat emerging risks.
“Some firms told us that we have a reactive, rather than proactive, approach to risk. In particular, some firms are concerned that there may be significant or emerging risks in the market of which we are not aware,” the FCA said, noting that this is a key focus for its work in the months ahead.
Firms also expressed concerns about not understanding why the FCA collects certain data from them.
“We’re feeding these findings into work we are undertaking to reduce regulatory burden,” the regulator said.