Supervisory correspondence

We communicate with the firms we supervise to set out:  

• Our views of how firms and markets are performing.
• Our approach, priorities and expectations of firms.

How we communicate

We use a range of different channels to communicate our supervisory concerns and expectations to firms. These include:

• Publishing our monthly 'Regulation Round-up' email or 'Market Watch[1]' newsletter.
• Proactively writing or calling from supervisory teams.
• Hosting industry roundtable events.
• Speeches[2] from senior FCA staff.
• Engaging with firms at public events.  
• Using social media platforms such as X and LinkedIn.

In the future, we plan to publish a small number of market reports once a year detailing the risks and opportunities we see.

Market reports

In our strategy (PDF)[3], we’ve committed to a smaller number of priorities aligned to the strategy. We’ll streamline how we set and communicate our supervisory priorities, publishing a small number of market reports once a year, detailing the risks and opportunities we see.

We currently set detailed, firm-specific, 2-year supervisory programmes for each of the largest firms we regulate. But we want more of the firms we regulate to have direct contact points with us, providing them with better access and us with improved market intelligence.

Our future portfolio communications will be included in market reports, and we’ll continue to share insights from our supervisory work, helping more firms learn lessons from the experience of others.

Portfolio letters

We supervise all firms as members of a portfolio that share a common business model. We previously used portfolio letters to set out our view of the main risks of harm in a portfolio, actions we ask firms to take, and what we’ll be doing to reduce the level of harm in that market.

We’re no longer sending or publishing portfolio letters. But firms should continue to refer to relevant portfolio letters listed below, until we publish our market reports.

Where your firm’s activities span multiple regulated markets, you'll have received a letter for the main portfolio you operate in. But you should also review letters for other portfolios that may be relevant to your business, for awareness of supervisory concerns and expectations.

Choose your market from the drop-down menu to find current portfolio letters relevant to you. 

Dear CEO letters

We write to chief executives of firms when we need to address senior people about significant issues that require quick action.

See all Dear CEO letters[4]

The Dear CEO letters listed below pre-date April 2022 but contain current supervisory expectations that remain relevant.

Historical letters

We've marked most supervisory correspondence pre-dating April 2022 as 'historical' and no longer current. This makes it easier for firms to find supervisory communications setting out our current views.

We don’t expect your firm to refer to these historical letters when interpreting our current supervisory expectations. But we’ve kept these letters publicly available for reference.

See our historical correspondence[12]