The U.K. Financial Conduct Authority (FCA) recently released the results of its 2018 Practitioner Panel Survey. As it has for each of the past several years, the FCA looked at seven broad areas: its performance as a regulator; international issues; trust in the FCA; contact and communication with the FCA; understanding of regulation and regulatory burden; enforcement; and consumer credit firms. Although most respondents believe that the FCA is meeting its key regulatory objectives, the FCA also found three key areas for improvement: facilitating innovation in the U.K. financial services industry, making regulation more transparent and making regulation “more forward looking.” This article analyzes the portions of the survey report most relevant to private fund managers. For additional commentary from the FCA, see “FCA Chief Executive Offers Perspectives on the Importance of Asset Management” (May 17, 2018).