FCA performance continues downward spiral as only half of SLAs being met

The Financial Conduct Authority (FCA) is barely meeting half of its service level targets after another worsening performance in the last financial year.

The regulator met its service level agreement (SLA) targets on just 51% of its metrics for the 2021/22 financial year – down from 55% in the 2020/21 financial year.

Furthermore the FCA’s annual report revealed it was failing to even meet minimum targets for 30% of its metrics, compared to 25% in the previous year.

It appears the areas with most success were consumer-facing while operations for the financial services industry are still suffering worst.

Several areas were highlighted in the report in which the FCA admitted it needs to improve. These include:

 

However, there were some areas in which the FCA said it had made improvements when compared to last year. These include:

 

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