Firstly firms want proportionate treatment. This means regulation that matches risk, including differentiation between small and large firms.
There were also calls for a balance of responsibility for risk between providers and consumers, and a move away from a “one size fits all” approach.
Proactivity was next on the wishlist, with a preference among firms for the regulator to act sooner on issues rather than wait until something like mis-selling happens.
Firms also want the FCA to investigate problems and do more research to ensure it is fully aware of the implications of its actions.
Hector Sants’, the former chief executive of the former regulator the Financial Services Authority (FSA) told the industry he wanted it to be “very afraid” of the regulator – firms want the new FCA to avoid messages like that, and instead to work with‘the good guys’.
FCA chief executive Martin Wheatley (pictured) has already pledged there will be no repeat of Sants’ controversial message.
Finally on firms’ wishlist is predictable regulation. The industry wants the regulator to be more clear and concise in communications with firms and to be consistent in its approach to regulating large and small firms.
