FCA sets out wholesale banking supervisory strategy

The FCA issued a Dear CEO letter to all wholesale banks active in the UK on 8 September 2023, setting out its views of the key risks in the sector, and its supervisory work plan for the next two years.

The FCA identifies the recent market stress and external market environment as continuing to frame its supervision of the sector. In particular, the regulator calls out banks’ risk management, control frameworks, operational resilience and organisational changes as priorities for its supervision.

Download this At a glance to see our summary of the FCA’s letter and actions for firms to take in response.