Fewer firms welcome the RDR today compared with two years ago, according to a wide-ranging survey by the FSA Practitioner Panel.
According to the Panel's latest findings, due out later today, 47% of polled firms said they welcomed the initiative, down from 60% in 2009.
In a wide-ranging survey showing general confidence levels in the City watchdog plummeting across the financial services sector, the panel also suggests fewer than a fifth of banks, brokers and insurers believe the FSA responded effectively to the banking crisis.
Businesses gave the FSA an average mark of 3.7 out of 10 on its efforts to maintain confidence in the financial system, down from 4.3 in the 2008 survey.
In light of the FSA adopting a more intensive regulatory approach, six out of 10 firms also think the FSA's supervision of their businesses is too intrusive.
In a further shift in outlook from the last survey, most companies no longer believe the FSA delivers value for money, with nearly 70% of the opinion the cost of compliance has increased. Six in 10 now believe costs are excessive.
The survey also found a dichotomy between smaller and larger firms, with retail and small businesses particularly likely to think the regulatory focus excessive, while larger firms are more likely to be satisfied with the FSA's performance.
Meanwhile, the survey also found "significant disquiet" around the government's plan to break up the watchdog into the Prudential Regulatory Authority (PRA) and the independent Consumer Protection and Markets Authority (CPMA) next year.
Nearly four in 10 think the transition would affect the FSA's ability to do its job in the short term and distract it from European Union and other international issues.
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