The London Market Group’s second Regulatory Sentiment Index has shown that individuals leading compliance and risk teams at London Market insurers and brokers believe the performance of both the Financial Conduct Authority and the Prudential Regulation Authority have significantly improved over the past year.

Sentiment towards the FCA was particularly positive and jumped 20 points on last year’s rating to hit 91 out of 100 this year. The PRA’s rating improved by 12 points to reach 73.

Caroline Wagstaff, CEO of the London Market Group, said: “It is great to see that the service delivered by both regulators has taken a significant step forward over the past year. By directly surveying the firms regulated, we have been able for the first time to quantify and benchmark their performance in the eyes of the specialty insurance market.

“This is the second survey and we will repeat it annually, feeding results back to the regulators and the wider market.”

Wagstaff said tracking the ongoing performance of the regulators would help identify if they were delivering on their stated focus of driving growth and competitiveness and highlight areas could be improved.