The FCA has confirmed that from 30 April 2025, it will no longer issue and publish portfolio letters to firms. Instead, it will publish a small number of market reports that include communications relevant to different types of firms, and insights from its supervisory work.
The announcement follows on from the FCA’s promise in its 2025 – 2030 strategy to be a “smarter regulator”, and rule streamlining elsewhere within its supervisory remit.
The FCA also plans to make it easier for firms to access up-to-date supervisory communications on its website by retiring historical portfolio and Dear CEO letters. Such letters will remain publicly accessible, but will be marked ‘historical’ and no longer current, with few exceptions.
Until the market reports are published later this year, firms should continue to refer to relevant portfolio and Dear CEO letters for guidance. The FCA is continuing to review its approach to other historical communications and consider how to routinely review outdated material.
Dear CEO letters will still be used to address senior management within firms about significant issues requiring action.