The survey showed that firms are more satisfied where they have had recent contact - or enjoy a close relationship - with the FSA. One-in-five firms consider their relationship with the FSA has improved over the last two years, and this is significantly higher where they have had recent contact with the regulator.
Hector Sants, FSA chief executive, said: "The Practitioner Panel survey is an important tool for the FSA to understand how regulated firms perceive and experience us, and I am particularly encouraged to see the findings show that firms are more satisfied when they have more contact with the FSA. The findings underpin our Supervisory Enhancement Programme and Small Firms Enhanced Strategy which seek to deliver more intrusive supervision of all firms we regulate.
"It is also heartening to see that of those firms who had an opinion about our response to the financial crisis, a clear majority believe we are committed to learning the lessons to make us a better regulator and recognise the importance we have placed on strong regulation and our Supervisory Enhancement Programme.
"However, the FSA recognises that our understanding of firms and their business remains the major area where we need to improve, and this has been identified as a priority for some time. We are taking significant steps to move forward with this and there are already some signs of improvement here.
"In the future, the Small Firms Enhanced Strategy means that small firms will have more regular contact with us, while the Supervision Enhancement Programme should lead to lower turnover in relationship managers and a better understanding of firms' business, both of which the survey identifies as key to improving firms' satisfaction.
"General concern among firms about the stability of the financial system has come through more prominently in the survey results than worries about increased regulation or the cost of regulation, both of which seem to have receded in relative importance."
