The research initiative, last undertaken in 2006, aims to collect industry opinion on the FSA's approach to a number of different, topical situations to gain a better insight into its track record.
Indeed past surveys have been directly used to make recommendations to the regulator about its handling practices, policies and prorities.
The findings, to be published later in the year, will be used to generate an 'open discussion' with the FSA.
Nick Prettejohn, chairman of the FSPP said: "Although the economic conditions immediately following our 2006 activity were relatively benign, it was nevertheless a period of much regulatory activity and change for the industry.
"Recently events have brought the work of the FSA very much into the spotlight - and the next few years are likely to be yet another challenging period for the regulator and industry alike."
Financial services practitioners from all backgrounds will be invited to contribute their thoughts and let the Panel know whether they feel the FSA is delivering on its objectives.
Going forward, the initial phase will see market research firm BMRB International interviewing senior executives from a cross-section of regulated firms.
