I’ll be watching you: themes from the FCA supervisory letters

In recent years, the Financial ConductAuthority has taken to publishing the letters it sends to CEOs of firms withinspecific supervision ‘buckets’, setting out where it sees the key risks of harmin their sector, where it expects firms to focus their efforts – and, in turn,what the FCA supervisors will be honing in on in their visits. The lettersshould not only serve as a useful overview of the regulator’s views, but alsoput firms on notice that any perceived breaches in circumstances where the FCAfeels its warnings have been ignored will be taken seriously. Emma Radmorelooks at themes from a selection of letters from the past year, addressed todifferent sectors of the market.

Emma Radmore(legaldirector) is a member of Womble Bond Dickinson’s financial services team inLondon. Contact her onemma.radmore@wbd-uk.com.

Overarching themes

Several themes run across most or all of theFCA’s sectoral communications: