ACCOUNTABILITY, TRANSPARENCY AND MEASURING OUR SUCCESS

Over the last two months the FSA has consulted representatives from firms and other stakeholders on how they interpret the objectives and what they expect of the regulator. This will help to develop a set of desired outcomes (such as the changes to markets we regulate), which we can measure our performance against.

We know at this stage that we will be able to influence some of the outcomes only to a degree. For example, a consumer’s confidence in financial services can be used to measure our success under the consumer protection objective, but this confidence will be affected by the economy as well as their direct experience of firms we regulate.

The diagram below shows an early example of a possible performance framework for the FCA.

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