The FCA is, according to its Chair Charles Randell, engaged in an "ambitious transformation programme". This involves, among other things, various operational improvements as well as reforms to the way the FCA uses intelligence and information.

We await the FCA's 2021-22 Business Plan which FCA Chief Executive Nikhil Rathi promises will contain details of its progress and next steps.

The FCA does have a substantial climb ahead of it. It has of course had criticism off the back of its handling of high-profile issues such as the London Capital & Finance and Connaught collapses, and related adverse public attention including from the Treasury Select Committee.

But recently published data reveals issues emerging right down to the grassroots of its dealings with the public and regulated entities: the FCA now is receiving substantially more complaints about itself than just two years ago.

It's possible to break these down into broad categories. Trends in four of these categories are particularly notable. They reveal increasing dissatisfaction with the speed and process of the FCA's work as well as its rules and policies.  (Fees, however, are being complained about less!)

This no doubt puts additional pressure on the FCA successfully to make operational improvements. Can the FCA pull it off? This remains to be seen.