Recommendation 19

Regardless of the extensive changes which have now been published in CP24/2 Part 2, the initial failures in communication and engagement remain a concern. The FCA should review its internal processes and communication strategies employed throughout this process, including a review of how appropriate its internal processes were for consulting on a change of this scale. The FCA should publish a ‘lessons learnt’ document from this process, setting out where it went wrong and how it will prevent similar mistakes from occurring in the future.