The Financial Conduct Authority (FCA) has said it will improve communication with firms and be clearer about what it expects.
In a paper released today, the watchdog said it recognised it had to communicate "more effectively with firms that want to do the right thing".
It added: "We must be clearer about our expectations."
It said the body's contact centre would be able to handle more issues as the first point of contact for many firms, without needing to refer them to supervisors. It also said its online support would be upgraded."
The FCA also said it would contact newly authorised smaller firms to explain regulatory obligations and reporting requirements. It will also stage more regional workshops and roadshows to clarify expectations on the risks and issues that it deems important.
The paper added: "As part of a more open approach, we intend to engage more with firms, trade associations, the practitioner panels and other relevant stakeholders when we start pieces of thematic work on issues and products. We will aim to communicate what the problems are that we are investigating and how we intend to carry out the work.
"With the industry's cooperation and input we believe we will deliver better quality supervision and clearer good- or poor practice examples to report back on."
FCA consultation response
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