Financial conduct authorities will abolish portfolio letters and instead issue “few market reports” to simplify their oversight letter systems.
“The market report will include communications related to different types of companies and insights in our oversight efforts,” the regulator said.
The new arrangement will take effect from the end of this month.
The regulator added that it will make it easier to find the latest oversight communications on its website through its retirement history portfolio and dear CEO letters.
It said: “We will clearly mark them as ‘history’ and not now, with a few exceptions. The history files will be publicly accessed on existing links.”
The regulator added that until its market report begins publication later this year, “companies should continue to refer to relevant portfolio letters and dear CEO letters for guidance.
“We will continue to review our approach to other historical communications and consider how to routinely review outdated material.”
It added that the dear CEO letter “will continue to be used for senior personnel management against major issues that require action”.
Regulators are under pressure from the government to cut the traditional Chinese tape festival instead of hindering growth.
Last month, the FCA vowed to be a “smarter regulator”, improving its processes and embracing technology as part of its new five-year strategy.
