FCA announces changes to simplify supervisory communications

The UK Financial Conduct Authority (FCA) has announced it will no longer be issuing and publishing portfolio letters from 30 April. Instead, these will be replaced with a small number of market reports. The market reports will include communications relevant to different types of firms and insights from the FCA's supervisory work. This change aligns with the FCA's Consumer Duty Requirements Review, which aims to streamline supervisory priorities to support the FCA's commitment to smarter, more effective regulation. Many existing portfolio letters and Dear CEO letters which pre-date the FCA's strategy 2022-25 will be withdrawn at the end of April and clearly marked as 'historical' and no longer current on the FCA website. Historical documents will remain publicly accessible at existing links. The FCA advises that until market reports are published later this year, firms should continue to refer to relevant portfolio petters and Dear CEO letters for guidance. The FCA will still use Dear CEO Letters to notify senior managers about significant issues that require action.

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