Britain’s financial markets regulator undertakes an admirable amount of satisfaction surveying, the results of one such survey were released this week. All things considered, this is not the FSA’s finest hour.
Just one in 10 companies rated the FSA highly in terms of offering “value for money,” according to the survey, published today.
Back in July, another survey revealed that firms found the FSA to be “granular” and “process oriented” instead of being concerned about outcomes of regulatory processes.
Adding insult to injury, a panel convened by Parliament recently found that the FSA had “systematically failed” in it’s oversight of Northern Rock, leading to the government takeover of that bank which even today ranks as one of the largest bank failures in history.
Despite overwhelming disapproval of the FSA from every corner, check out what the CEO had to say in response to the survey results:
“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,”
Maybe we can recruit him to run one of the car companies Congress wants to take over.