Opinion: Unpicking the regulator’s ‘Dear CEO’ letters

Hugh Savill_Sicsic Advisory_portrait for CMS

Sicsic Advisory’s Hugh Savill says the FCA’s latest letters reveal a sceptical regulator and outlines what it means for brokers.

On 25 May 2022, the Financial Conduct Authority published a portfolio letter (in FCA-speak, an open letter to the whole market) to GI intermediaries. The letter is intended to be a shock. It is worth quoting the opening sentence in full:

“Our view of the GI Intermediary Sector overall is that there are significant risks of potential harm that both the market and individual firms need to address.”

This is stiff language by the FCA’s standards. Brokers should sit up and take immediate steps to

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