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. But from now on, whenever we send a portfolio letter we will publish it here.

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

Portfolio letters published by sector

Sector Portfolio letter

Wholesale financial markets

Wholesale brokers

Retail lending

Credit brokers

High cost lenders

Debt advice firms

Investment Management

Asset management



General insurance and protection

Personal and commercial lines insurers (incl. EEA insurers)

Life insurance

Pensions & retail investments

Advisers and intermediaries


Wealth management

Retail banking and payments

Payment services firms and e-money issuers

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. These are Dear CEO letters.