The Financial Conduct Authority (FCA) has introduced a shift in how it communicates supervisory expectations with the launch of its annual Regulatory Priorities reports, first published on 24 February 2026. These reports replace the previous portfolio letters—marking a move toward clearer, more structured, and more consistent regulatory guidance for firms across the financial services sector. [fca.org.uk]
A New Framework for Sector-Specific Priorities
The FCA now provides nine sector-specific reports, each outlining:
- Key regulatory priorities for the year
- Further relevant work the FCA plans to undertake
- Guidance to help firms understand expectations and strengthen compliance
- Support for innovation and improved consumer outcomes
This new approach aims to help firms focus on the areas most relevant to their business while improving the overall ease and consistency of regulatory communication.
The Nine Regulatory Priority Reports
The FCA’s 2026 reports cover the following sectors, with publication dates as announced:
- Insurance – Published 24 February 2026
- Consumer investments – March 2026
- Pensions – March 2026
- Retail banking
- Mortgages – March 2026
- Consumer finance – March 2026
- Wholesale buy-side
- Wholesale markets – March 2026
- Payments – March 2026
Each report is designed to give firms clarity on what the regulator expects and where they should concentrate their efforts.
Responsive and Aligned With Market Realities
These reports have been shaped by engagement with firms, trade bodies, and wider stakeholders to ensure they are clear, relevant, and aligned with real‑world market conditions.
Importantly, the FCA notes that it may adjust priorities during the year in response to new risks or significant market events. This could include introducing new workstreams or pausing existing ones, offering a more agile and adaptive regulatory approach.
What This Means for Firms
The new Regulatory Priorities framework creates a more predictable and accessible way for financial services firms to understand what the FCA expects from them. By consolidating sector priorities into annual reports, firms can more easily:
- Align business planning with regulatory focus areas
- Strengthen governance and compliance
- Support innovation while remaining compliant
- Deliver improved outcomes for consumers
Ultimately, the 2026 reports represent a meaningful change in how the FCA communicates—bringing greater clarity, structure, and forward‑looking guidance to the regulatory landscape.