Regulatory Experience: Validation of Dimensions and Scorecard

The Financial Conduct Authority has awarded a contract to Ernst & Young LLP to perform an independent review and validation of its Regulatory Experience (RX) model. This project focuses on assessing eight dimensions and a forty-question scorecard to ensure they accurately reflect the lived experiences of individuals performing regulated activities. The supplier is tasked with identifying gaps or overlaps in the dimensions and evaluating the question set for clarity, lack of bias, and alignment with strategic intent to ensure the generation of reliable, non-duplicative, and actionable data. To achieve these goals, the supplier will engage with a representative sample of firms to test how the RX dimensions and questions are interpreted across various user roles and firm types. Key deliverables for this engagement include a comprehensive validation report, an annotated question set incorporating feedback, a summary of findings from firm engagements, and specific recommendations for refinement. The contract is valued at 107,122 pounds excluding VAT, with a performance period running from October 12, 2026, to October 5, 2027.