Industry leaders believe that the cost of FSA regulation is becoming excessive, according to the practitioner's survey.
Just under half (48%) of those questioned felt that the costs of regulation have become a burden.
The Financial Services Practitioner Panel study, by BMRB, found widespread criticism of the FSA's lack of guidance on key issues.
Just 10% of companies said they had received specific guidance, compared to 40% in 1999. While six out of 10 people said the FSA failed to provide even informal advice.
However the report's found widespread support for the FSA, reporting that, by a margin of three to one, chief executives believe the new regulatory regime has been beneficial.
Commenting on the findings, FSA chairman Howard Davies said: "The FSA was officially launched at a time when the profitability of individual firms was under pressure.
"Against that background, it is not surprising that the costs of regulation are particularly under the spotlight. We will use the findings in this report to help us make our regime more cost-effective in the future."
Donald Brydon, chairman of the Financial Services Practitioner Panel said: "Overall the creation of a single regulator is viewed as beneficial but there are a number of amber lights and we hope this informs the FSA about what they need to do about it."
