FCA outcomes and metrics

We want to be clear about how we measure our progress. Here we set out what outcomes matter to us and the metrics we use to measure them.

Our outcomes

Our 3-year Strategy and annual Business Plan makes us more accountable by creating a clear path from the outcomes we want to achieve for consumers and market participants, to the tools and interventions we use.

We distinguish between 2 levels of outcomes - consistent topline outcomes and commitment outcomes:

Consistent topline outcomes

These are the outcomes we expect financial services markets to deliver - they stay the same from year to year and enable us to measure how we deliver our statutory objectives over time. For consumers and wholesale markets these outcomes are:

Access

Diverse consumer needs are met through high operational resilience and low exclusion levels.

Markets are orderly in a variety of conditions so that participants can access a diverse range of services with minimised operational disruption.

Suitability and treatment

Consumers are sold suitable products and services and receive good treatment.

Fair value

Consumers receive fair prices and quality.

Market transparency means participants can make well informed assessments of value and risks

Confidence

Consumers have strong confidence and levels of participation in markets through minimised harm when firms fail and minimised financial crime.

Markets are resilient to firm failures and clean, with low levels of market abuse, financial crime and misconduct.

Diverse consumer needs are met through high operational resilience and low exclusion levels.

Markets are orderly in a variety of conditions so that participants can access a diverse range of services with minimised operational disruption.

Consumers are sold suitable products and services and receive good treatment.

Consumers receive fair prices and quality.

Market transparency means participants can make well informed assessments of value and risks

Consumers have strong confidence and levels of participation in markets through minimised harm when firms fail and minimised financial crime.

Markets are resilient to firm failures and clean, with low levels of market abuse, financial crime and misconduct.

Our commitment outcomes

Our 3- year Strategy sets out our 13 commitments for 2022/23 to 2024/25. For each commitment we identify the outcomes we want to achieve for consumers and wholesale markets.

The graphic below shows our commitments and how they support the delivery of our topline outcomes:

Access

The following commitments support the delivery of the topline outcome: Access

Suitability and treatment

The following commitments support the delivery of the topline outcome: Suitability and treatment:

Fair value

The following commitments support the delivery of the topline outcome: Fair value

Confidence

The following commitments support delivery of the topline outcome: Confidence

The following commitments support the delivery of the topline outcome: Access

The following commitments support the delivery of the topline outcome: Suitability and treatment:

The following commitments support the delivery of the topline outcome: Fair value

The following commitments support delivery of the topline outcome: Confidence

The metrics we use to measure our outcomes

We use 3 types of metrics that:

are based on research data that record the attitudes, perceptions or behaviours of consumers or firms (in particular, our Financial Lives survey (FLS) and the FCA and Practitioner Panel survey)
provide market data that measure or are indicative of the outcome
are based on our data that records our activities to achieve the outcome

We use 4 key data sources to inform multiple metrics across our outcomes. These are:

FCA Financial Lives survey

The Financial Lives survey (FLS) is a tracking survey designed to provide insight on consumer behaviour and experiences in the retail financial markets we regulate. The survey has a large sample of UK adults aged 18 or over.

We have carried out 3 waves of the survey to date as well as a recontact survey: the 2017, 2020 and 2022 main survey, and a shorter recontact survey in 2023.

The 2022 wave was run from 1 February 2022 to 6 June 2022, with just over 60% of the 19,154 interviews completed in May 2022. We conducted the FLS recontact survey about a year after our main 2022 survey. We recontacted all FLS 2022 respondents who had agreed to be invited to take part in follow-up research. The 2023 recontact survey was run from 19 May 2023 to 23 June 2023, with more than 80% of 6,071 interviews completed in May 2023.

The FLS survey is highly robust (not least through the use of random probability-based sampling of addresses to invite participation in the survey). For more details on survey strengths and limitations, please refer to Section 9 for the 2022 survey.

Statistical significance testing is applied to all survey results, including to differences in results between baseline figures from 2020 (or 2022 in a few cases) and latest survey data from 2023. These are tests to check if findings between periods represent statistically significant changes as opposed to happening by chance.

Some differences in results between our 2020/ 2022 and 2023 surveys are statistically significant. This means that there is a no higher than 5% chance of seeing this magnitude of difference between our samples, if there was no change in the population. By ‘chance’ we mean the probability of errors associated with sampling. When reporting latest data, we highlight where differences are statistically significant.

Some differences are not statistically significant – in these cases the differences tend to be small. In other cases, the population of interest is not all UK adults but a more niche one (and sample sizes are low), meaning there is insufficient sample size to show a significant difference. In these cases, we say that the results between 2020/ 2022 and 2023 are unchanged, as there is no statistical corroboration of change.

We can compare results between the 2020/ 2022 main surveys and the 2023 recontact survey – importantly, the data from the surveys were weighted in the same way, to be representative of UK adults. There are some methodological differences between the main and recontact surveys, however, and it is possible that these may contribute to changes in some results. The recontact survey checked for changes in people’s ownership of financial products, rather than re-asking all product ownership questions. The recontact survey results are representative of 19+ year olds, because we recontacted respondents 12 months after the main FLS 2022 survey of adults aged 18+.

In several of our metrics that use FLS data we refer to ‘vulnerable consumers’. These are adults with one or more characteristics of vulnerability. The survey uses an algorithm to categorise respondents as vulnerable. For more details, please see pp.300-305 of the Financial Lives 2022 report of key findings: Appendix B – Characteristics of vulnerability – the survey algorithm.

Also note that this webpage and the Financial Lives 2022 report of key findings contain some updated 2020 survey results, and the 2020 survey data tables were republished in the summer of 2023. Since we originally published the 2020 survey, we identified the need to improve data weighting, and this resulted in changes to some 2020 published results, very few of them being a change of more than one percentage point. This weighting enhancement and its impact on 2020 results has been explained in the FLS 2022 Technical Report; please refer to Appendix E: Financial Lives 2020 survey – Weighting Enhancement.

Further information on the FLS is found in the FLS resources library, including questionnaires, data tables and reports.

We are using data from FLS for the following outcomes and metrics:

Theme	Topline/Commitment	Outcome	Metric	Metric Description
Fair value	Consumer Fair Value Topline	Consumers receive fair prices and quality	Metric CFV1-M01	Reduction in the proportion of consumers who, in the last 2 years, have been offered a financial product or service they wanted, but at a price, or with terms and conditions, they felt to be ’completely unreasonable’
	Putting Consumers’ Needs First Commitment	Consumers get products and services which are fair value	Metric CNF2-M02	Reduction in the proportion of consumers, including those in vulnerable circumstances, who, in the last 2 years, have been offered a financial product or service they wanted, but at a price, or with terms and conditions, they felt to be ’completely unreasonable’
	Improving The Redress Framework Commitment	The Claims Management Companies (CMC) sector delivers fair value	Metric IRF1-M01	An increase in the proportion of consumers who have made a claim in the last 3 years and used a CMC for their most recent claim, who consider that the service provided met their expectations
	Improving The Redress Framework Commitment		Metric IRF1-M02	An increase in the proportion of consumers who have made a claim in the last 3 years and used a CMC for their most recent claim, who consider that the fee they paid was fair
Fair value	Our environmental, social and governance (ESG) priorities Commitment	Trust and consumer protection from misleading marketing and disclosures around ESG-related products	NZE1-M02	Decrease in consumer perception that providers overstate sustainability credentials of funds in their marketing
Fair value	Shaping digital markets to achieve good outcomes Commitment	The development of digital markets and the use of new technologies in financial products and services leads to fair value for consumers	SDM1-M01	The level of consumer satisfaction from using digital financial services and products
Suitability and Treatment	Consumer Suitability and Treatment Topline	Consumers are sold suitable products and services and receive good treatment	Metric CST1-M01	Increase in consumer satisfaction with their providers (Consumer Satisfaction Index)
	Putting Consumers’ Needs First Commitment	Consumers understand the information they are given and make timely and informed decisions as a result	Metric CNF3-M01	Consumer perceptions of the information they’re given about products and services
	Putting Consumers’ Needs First Commitment	Firms provide consumers with good customer support	Metric CNF4-M02	Maintain or reduce the proportion of consumers, including those in vulnerable circumstances, who have had a problem with a product in the last 12 months, and the problem relates to sales pressure (for Credit & Loans: pressure to take on additional credit), poor customer service, IT system failure/service disruption, provider errors/not following instructions, delays when making changes to an account, delays when arranging an account, and/ or unsuitable channel (phone, online, face to face) to contact the provider.
	Enabling Consumers to Help Themselves Commitment	Reduce the potential for financial loss from scams and the mis-selling of high-risk non-standard investments involving authorised firms	Metric IHT3-M02	Reduction in the proportion of consumers investing in high-risk investments (HRIs) whose general tolerance to risk is very low or who demonstrate characteristics of vulnerability
	Enabling Consumers to Help Themselves Commitment	Reduce the potential for financial loss from scams and the mis-selling of high-risk non-standard investments involving authorised firms	Metric IHT3-M03	Reduction in the proportion of consumers investing in HRIs whose tolerance to investment risk is very low or who demonstrate characteristics of vulnerability
Confidence	Consumer Confidence Topline	Consumers have strong confidence and levels of participation in markets, in particular through (1) minimised harm when firms fail and (2) minimised financial crime	Metric CCO1-M01	Increase in the proportion of consumers who have confidence in the UK financial services industry
	Our environmental, social and governance (ESG) priorities Commitment	High-quality climate- and wider sustainability-related disclosures to support accurate market pricing, helping consumers and market participants choose sustainable investments and drive fair value	NZE2-M02	Increase in consumer trust of ESG related products
	Preparing Financial Services for the Future Commitment	Our preparing financial services for the future commitment supports all of our topline outcomes and creates confidence in financial markets	Metric PFS1-M01	In the longer term, when any legislative changes are fully implemented, increase in the proportion of consumers who slightly or strongly agree that they have confidence in the UK financial services industry.
	Improving Redress Framework Commitment	Consumers understand the redress system and how to access it	Metric IRF4-M01	Increase in the proportion of consumers who are aware that they can make a compensation claim for mis-selling of a financial product or service directly, without using a claims management company
	Putting Consumers’ Needs First Commitment	Consumers have confidence in financial services markets	Metric CNF5-M01	Increase the proportion of consumers, including consumers in vulnerable circumstances, who slightly or strongly agree that they have confidence in the UK financial services industry
	Putting Consumers’ Needs First Commitment	Consumers have confidence in financial services markets	Metric CNF5-M02	Increase the proportion of consumers, including consumers in vulnerable circumstances, who slightly or strongly agree that most financial firms are honest and transparent in the way they treat them
	Consumer Confidence Topline	Consumers have strong confidence and levels of participation in markets, in particular through (1) minimised harm when firms fail and (2) minimised financial crime	Metric CCO3-M01	Proportion of consumers who have confidence that the UK financial services industry is working to tackle banking, pension and investment fraud
Access	Consumer Access Topline	Diverse consumer needs are met through (1) high operational resilience and (2) low exclusion	Metric CAC2-M01	Reduction in the proportion of consumers who were declined a product or service in the last 2 years, and, in their view, this was due to non-financial reasons such as their age, health or ethnicity
Access	Consumer Access Topline		Metric CAC2-M02	Reduction in the proportion of consumers who do not hold certain key products (Day-to-day accounts, Private pensions in accumulation or decumulation, General insurance products)

FCA and Practitioner Panel survey

The FCA and Practitioner Panel commission jointly a research company to conduct an annual industry survey to assess firms’ perceptions of FCA performance as a regulator.

The latest round of the survey took place between February and April 2024. In total 6,608 firms (non-consumer credit) responded to the survey, giving a response rate of 39%.

Statistical significance testing is applied between survey waves. These are tests of whether there is evidence of ‘any’ difference versus no difference over time. The tests are run at the two-tailed 95% level (alpha = 0.05). When reporting latest data, we highlight where differences are statistically significant against the baseline year (in most cases 2022/23).

For metrics WFV1-M01, WCO2-M01 and DPF2-M01 the baseline year is 2021.

Metrics reported for 2023/24 for the strengthening the UK’s position in global wholesale markets and delivering assertive action on market abuse commitments are based on wholesale financial markets firms. 1,266 wholesale market firms responded in 2023/24, including 757 investment management firms and 509 wholesale financial markets firms.

Investment management firms were, however, not included in the 2022/23 baseline sample for some of these questions, when 431 wholesale financial markets firms completed the survey.

We have compared the 2023/24 values including and excluding investment management firms. Overall there is little difference in the results when investment management firms are included in the sample, see table below for metrics where do see differences.

Metric	2023/24 values including investment management firms	Differences
GWM1-M01	Over the past 12 months the UK’s position in wholesale markets has: Strengthened 9% Weakened 19% Remained the same 42% Don’t know 30%	Differences between 2023/24 values and 2022/23 baseline values are statistically significant for ‘weakened’ and ‘don’t know’. When we exclude investment management firms from the 2023/24 values the difference remains significant for ‘weakened’, but the result changes to 19% to 25%. The difference between the 2022/23 baseline and 2023/24 values for ‘don’t know is no longer significant when investment management firms are excluded.
GWM2-M02	FCA regulation ensures the integrity of wholesale markets: Agree or strongly agree 63% Neither agree nor disagree 17% Disagree or strongly disagree 2% Don’t know 18%	Difference between 2023/24 and 2022/23 baseline value is statistically significant for ‘agree/strongly agree’. This is no longer statistically significant when investment management firms are excluded.

Metric

2023/24 values including investment management firms

Differences

GWM1-M01

Over the past 12 months the UK’s position in wholesale markets has:

Strengthened 9%
Weakened 19%
Remained the same 42%
Don’t know 30%

Differences between 2023/24 values and 2022/23 baseline values are statistically significant for ‘weakened’ and ‘don’t know’.

When we exclude investment management firms from the 2023/24 values the difference remains significant for ‘weakened’, but the result changes to 19% to 25%.

The difference between the 2022/23 baseline and 2023/24 values for ‘don’t know is no longer significant when investment management firms are excluded.

GWM2-M02

FCA regulation ensures the integrity of wholesale markets:

Agree or strongly agree 63%
Neither agree nor disagree 17%
Disagree or strongly disagree 2%
Don’t know 18%

Difference between 2023/24 and 2022/23 baseline value is statistically significant for ‘agree/strongly agree’. This is no longer statistically significant when investment management firms are excluded.

After the initial publication, we found that the rounding used in the original analysis was inconsistent. As a result, we updated a few metrics. However, these changes only cause a 1% variation in each case and do not affect the overall message of the report.

View the FCA & Practitioner Panel Survey 2023/24 report.

For information, we are using data from the FCA and Practitioner Panel survey for the following outcomes and metrics:

Theme	Topline/commitment	Outcome	Metric	Metric Description
All topline outcomes but particularly confidence	Preparing financial services for the future Commitment	The commitment supports all our top-line outcomes and creates confidence in financial markets	Metric PFS4-M01	Firms feel the FCA can adapt regulatory requirements to respond to innovation and new challenges
Fair value	Wholesale Markets fair value Topline	Market transparency means participants can make well-informed assessments of value and risks	Metric WFV1-M01	Maintain the proportion of firms confident that the FCA’s oversight ensures relevant financial markets function well
Fair value	Shaping digital markets Commitment	The development of digital markets and the use of new technologies in financial products and services leads to fair value for consumers.	Metric SDM3-M01	Increase in perceived effectiveness of the FCA at supporting the development of digital markets and new technologies in financial services
Confidence	Wholesale Markets Confidence Topline	Markets are (1) resilient to firm failures and (2) clean with low levels of market abuse, financial crime and regulatory misconduct	Metric WCO2-M01	Maintain the proportion of firms confident that the FCA’s oversight protects and enhances the integrity of the UK financial system
	Dealing with Problem Firms Commitment	Consumers and market participants have confidence that financial services firms which fail to meet the Threshold Conditions are identified and cancelled quickly	Metric DPF1-M01	Maintain awareness of, and increase perceived effectiveness of, FCA enforcement action on Threshold conditions
	Dealing with Problem Firms Commitment	Consumers and market participants trust that the FCA intervenes to stop harm to consumers and market integrity quickly	Metric DPF2-M01	Increase in awareness of, and perceived effectiveness of, FCA interventions
	Strengthening the UK’s global wholesale markets Commitment	The regulatory framework is clear, well-understood and trusted by all market participants. The framework supports market participants determining fair value. Where outcomes are not being met, this is clearly communicated, and remediation is swiftly undertaken or enforced	Metric GWM1-M01	Increase in perceived effectiveness of FCA’s role and impact in regulation of the wholesale market
	Preparing financial services for the future Commitment	Our preparing financial services for the future commitment supports all of our topline outcomes and creates confidence in financial markets	Metric PFS1-M02	Increase in firm’s perceived effectiveness of the FCA in regulating financial services
Access	Strengthening the UK’s global wholesale markets Commitment	The UK is regarded by market participants as one of the top markets of choice, with innovation viewed as encouraged and supported in the UK markets, and regulation viewed as appropriately evolving to address new opportunities and risks	Metric GWM2-M02	Increase in perception of market participants on the strengths of the regulatory regime in the wholesale market
	Strengthening the UK’s global wholesale markets Commitment	Market participants regard the regulatory framework as proportionate both in terms of speed and cost	Metric GWM3-M01	Increase in perception of market participants on the proportionality of the regulatory regime in the wholesale market
	Delivering assertive action on market abuse Commitment	Increased confidence in the integrity of UK markets which maintains high levels of participation across the buy-side and sell-side	Metric AMA1-M01	Increase in perceived effectiveness of FCA action to promote market integrity
	Delivering assertive action on market abuse Commitment	Same as above	Metric AMA1-M02	Increase in cleanliness of UK markets (compared to other markets) as perceived by market participants
	Minimising the impact of operational disruptions Commitment	Important business services provided by firms are resilient to operational disruption	Metric IOD1-M02	Maintain awareness of the FCA’s work to ensure firms are operationally resilient. Increase the proportion of firms who, over the past 12 months, say operational resilience has become more of a priority
Suitability and treatment	Improving oversight of Appointed Representatives Commitment	Stronger oversight by principals to reduce harm caused through Appointed Representatives	Metric OAR3-M01	The proportion of firms who report that oversight of Appointed Representatives in their sector has increased in the last 12 months

Financial Ombudsman Service

The ombudsman service provides a free and independent service to settle disputes between customers and financial services firms. The data used reflects those cases where the complaint was upheld in favour of the customer by the ombudsman service. The ombudsman service records and publishes data on the outcomes of the complaint cases it handles and also provides regular data direct to the FCA to support us in our regulatory activities.

The data we use for our metrics generally take a subset of the complaint types recorded and so the values may not match those published by the ombudsman service.

The number of upheld complaints may also be influenced by both consumer awareness of where to seek redress, as well as by proactive work the ombudsman service undertakes with firms to resolve disputes.

More information about the data

We are using ombudsman service complaints data for the following outcomes and metrics:

Theme	Topline/commitment	Outcome	Metric	Metric Description
Suitability and Treatment	Consumer suitability and treatment Topline	Consumers are sold suitable products and services and receive good treatment	Metric CST1-M02	Reduction over time in upheld Financial Ombudsman Service complaints about unsuitable advice or mis-sold products and services
	Improving the redress framework Commitment	The Claims Management Companies (CMC) sector delivers fair value	Metric IRF1-M04	Increase over time in CMC-represented Financial Ombudsman Service complaints that are upheld
	Putting consumers’ needs first Commitment	Firms provide consumers with good customer support	Metric CNF4-M01	Reduction over time in upheld Financial Ombudsman Service complaints about administration or customer service, account access, delays and terminations, account closure, cancellation of policies
	Putting consumers’ needs first Commitment	Consumers are sold products and services that are designed to meet their needs and characteristics	Metric CNF1-M01	Reduction over time in upheld Financial Ombudsman Service complaints about unsuitable advice or mis-sold products and services
	Putting consumers’ needs first Commitment	Firms support consumers to sustainably manage their debts	Metric CNF7-M01	The uphold rate of Financial Ombudsman Service complaints about the treatment of customers experiencing financial difficulties is maintained or reduced
Fair Value	Putting consumers’ needs first commitment	Consumers get products and services which are fair value	Metric CNF2-M01	Reduction over time in upheld Financial Ombudsman Service complaints about charges, fees and commission and premium pricing

Financial Services Compensation Scheme (FSCS)

A compensation scheme provides a safety net, offering protection to consumers, which in turn leads to greater confidence in their dealings with financial services firms, benefiting all firms and leading to a stronger financial system.

If a firm fails and is unable to pay the money it owes customers, they may be able to make a claim to the FSCS. FSCS pays compensation to eligible consumers (retail and small and medium enterprises) who have outstanding claims against regulated financial firms that have gone out of business. FSCS is funded by a levy on financial services firms. FSCS publishes data on its compensation payments each year in its Annual Report. These are broken down by the class of financial business.

More information on FSCS.

We are using FSCS data for the following outcomes and metrics:

Consumer topline outcome

Theme	Topline/commitment	Outcome	Metric	Metric Description
Confidence	Consumer confidence Topline	Consumers have strong confidence and levels of participation in markets, in particular through (1) minimised harm when firms fail and (2) minimised financial crime	Metric CCO2-M01	Stabilise and then reduce over time Financial Services Compensation Scheme (FSCS) compensation, claims and payments
Improving the Redress Framework Commitment	Firms that create redress burden bear the associated cost themselves	Metric IRF3-M01	Stabilisation of the redress burden arising from insolvent firms’ unpaid liabilities through FSCS claims over a multi-year period, with a view to a subsequent reduction
Improving the Redress Framework Commitment	Firms that create redress burden bear the associated cost themselves	Metric IRF3-M02	To stabilise the overall FSCS levy bill, with a view to a future reduction, and to minimise the occurrence of calls on the Retail Pool, which represents the cost which industry levy payers need to meet

Theme

Topline/commitment

Outcome

Metric

Metric Description

Confidence

Consumer confidence Topline

Consumers have strong confidence and levels of participation in markets, in particular through (1) minimised harm when firms fail and (2) minimised financial crime

Metric CCO2-M01

Stabilise and then reduce over time Financial Services Compensation Scheme (FSCS) compensation, claims and payments

Improving the Redress Framework Commitment

Firms that create redress burden bear the associated cost themselves

Metric IRF3-M01

Stabilisation of the redress burden arising from insolvent firms’ unpaid liabilities through FSCS claims over a multi-year period, with a view to a subsequent reduction

Improving the Redress Framework Commitment

Firms that create redress burden bear the associated cost themselves

Metric IRF3-M02

To stabilise the overall FSCS levy bill, with a view to a future reduction, and to minimise the occurrence of calls on the Retail Pool, which represents the cost which industry levy payers need to meet

More information on the data sources in relation to specific topline metrics is available in the Further Detail links for each metric.

All metrics have limitations, especially when dealing with complex and inter-related outcomes.

Progress will not be immediate and will not be steady from year to year. A metric’s movement is often affected by what other related metrics, and other parties, are doing. We also need to consider the effect of economic uncertainty or other factors beyond our control. For example, there are many drivers of financial crime and several parties who can affect its prevalence and impact on victims. Many factors also contribute to operational disruptions, the ongoing conflict in Ukraine, along with other geopolitical issues, has resulted in a sustained heightened threat level of cyber-attacks affecting UK firms.

Unless specified otherwise, we include whether we want the metric to increase or decrease over the long-term.

For each metric we compare the current value with the baseline value and apply the following rules to determine progress:

Improved	Indicates positive movement from the baseline value to the latest value of 5% or more
Declined	Indicates negative movement from the baseline value to the latest value of 5% or more
Little or no change	Indicates movement from the baseline value to the latest value of less than 5%
Not assessed	This includes where latest values are not available, or data sources have changed

For survey data (Financial Lives survey and FCA and Practitioner Panel survey) we use results of statistical significance testing to determine change.

It is important to note that these rules do not consider long term trends, so whilst the latest value compared to the baseline may show improvement or decline, this could be a result of additional factors, namely seasonality or natural variation in the data.

A proper assessment of the reasons behind any changes is key to understanding whether an increase or decrease should be seen as consistent with our stated outcomes. For example, a short-term jump in complaints or compensation claims may be driven by better consumer awareness of their rights or new approaches we use to identify harm faster. It can take time for effects or actions to materialise because the data can lag behind actions taken. But over time we might expect the numbers to fall as firm conduct improves and there is less cause for complaint or a claim.

We will keep all metrics under review and consider whether they remain appropriate for the outcomes we want to achieve, whether they should evolve or be replaced. We welcome your views on the metrics and data we set out on these pages at [email protected].

Summary of progress against our metrics so far

We have committed to report annually on our outcome metrics and these pages include our progress against each metric during the second year of our 3-year Strategy.

Our metrics show that we’ve made progress in 2023/24 against our outcomes for reducing and preventing financial crime, dealing with problem firms, enabling consumers to help themselves and improving the oversight of Appointed Representatives commitments.

Despite the challenging economic environment, we have generally not seen a meaningful worsening in some of the metrics where we might have expected to see a decline. For example, in relation to preventing harm from firm failure, we saw a slight decline in the proportion of firms failing to meet financial resource requirements for the year up to December 2023. This trend continues to reflect a low and stable proportion of firms who are not meeting financial resources requirements.

In relation to minimising the impact of operational disruptions, the cyber threat and operational resilience risks facing firms have continued to remain heightened, and we have seen several groups target financial services and their supply chain. As a result we are seeing an increase in operational disruptions reported to us. Despite the increase in incidents, we are pleased to see the impacts on important business services to be low.

The links below give further detail on our outcomes and metrics, including progress.

FCA outcomes and metrics

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