Supervisory correspondence

Find out how we communicate with the firms we supervise.

Why we communicate with firms we supervise

We regularly communicate with the firms we supervise to set out our view of how firms and markets are performing. Our communications set out our approach and priorities and make clear our expectations of firms.

We issued some of the letters on this page before the coronavirus (Covid-19) pandemic, so our approach may change accordingly.

How we communicate

We use a range of different channels to communicate with firms. These include:

  • sending letters to senior individuals in firms
  • using social media platforms such as Twitter and LinkedIn
  • publishing our monthly 'Regulation Round-up' email or 'Market Watch' newsletter
  • proactively calling from our Contact Centre and supervisory teams
  • hosting industry roundtable events
  • senior FCA staff making speeches and
  • engaging with firms at public events such as our 'Live and Local' programme

Portfolio letters

We supervise all firms as members of a portfolio of firms that share a common business model. For portfolio communications, we will set out our view of the main risks of harm in a portfolio, the action we expect firms to take, and what we will be doing to reduce the level of harm in that sector. 

Where firms’ activities span multiple regulated sectors, they will receive a letter for the main portfolio they operate in. But firms should also review letters for other portfolios that may be relevant to their business and act on the expectations we set out.

To help them do this, here are the letters we have published so far by sector. We have not yet written to all portfolios.

We regularly review our portfolios and will make changes to our approach where appropriate.

Portfolio letters published by sector

Sector Portfolio Portfolio letter

Wholesale financial markets

Wholesale brokers

Exchanges

Multilateral Trading Facilities and Organised Trading Facilities

Principal Trading Firms

Wholesale banks

Data Reporting Services Providers

Wholesale brokers

Data Reporting Services Providers

Retail lending

Credit brokers
High cost lenders

Motor finance providers

Retail finance providers

Peer-to-peer lending platforms

Building societies

Credit unions

Retail mortgage lenders

Mortgage third party administrators

Mortgage intermediaries

Lifetime mortgage providers

Credit reference agencies, and providers of credit information services

Debt purchasers, debt collectors, and debt administrators

Debt advice firms

Mainstream consumer credit lenders

Claims Management Companies

Non-bank lenders

Peer-to-Peer Lending Platforms

Mortgage Third Party Administrators

Outsourcing to Third Party Mortgage Administrators

Credit brokers

High cost lenders

Credit Reference Agencies (CRAs) and Credit Information Service Providers (CISPs)

Debt advice firms, 2020

Claims Management Companies (CMCs)

Mortgage Intermediaries

Mainstream Consumer Credit Lenders

Debt purchasers, Debt collectors and Debt Administrators

Credit unions

Building societies

Retail mortgage lenders

Non-bank mortgage lenders

Debt advice firms, 2022

Credit lenders

Investment Management

Asset management

Benchmarks

Alternatives
Contracts for difference (CFD) providers

Credit Rating Agencies

Custody and fund services

Asset management

Benchmarks

Alternatives, 2020

Alternatives, 2022

Credit Rating Agencies

Custody and fund services supervision strategy

General insurance and protection

Personal and commercial lines insurers (incl. EEA insurers)

Lloyd’s managing agents & London market (re)insurers (incl. P&I Clubs)

Personal and commercial lines insurance intermediaries

Lloyd’s & London market intermediaries (including managing general
agents)

Price comparison websites

Life insurance 

Personal and commercial lines insurers (incl. EEA insurers) - 2020

Personal and commercial lines insurers (incl. EEA insurers) - 2021

Personal and commercial lines insurance intermediaries

Lloyd’s & London market intermediaries (including managing general agents)

Life insurance

Price Comparison Websites (PCWs)

Lloyd’s & London market insurers and others - 2020

Lloyd’s & London market insurers and other - 2021 

Supervisory strategy for life insurers

Pensions & retail investments

Advisers and intermediaries

Platforms

Wealth management
SIPP operators

Crowdfunders (investment)

Investment-based crowdfunding

Platforms update

Advisers and intermediaries

Platforms

Wealth management

SIPP operators

Retail banking and payments

Retail banks

E-Money issuers

Payment services firms

Payment services firms and e-money issuers

Retail banks

Other correspondence

We also write to the chief executives of firms when we need to address senior people in regulated firms about very significant issues that require quick action from the firms. 

Search our Dear CEO letters.

Page updates

20/07/2022: Editorial amendment Updates to page features for website refresh.
31/05/2022: Link added Data Reporting Services Providers letter added to Wholesale financial markets sector.
24/02/2022: Information added Credit Rating Agencies added to Portfolio column in Portfolio letters published by sector table.
23/02/2022: Information added Portfolio letters published by sector table updated.