On September 18, 2015, the Financial Conduct Authority published two guides which set out its new approach to classification of firms for conduct supervision. Firms will now be classified as either flexible or fixed portfolio firms according to their size, market presence and customer footprint. Fixed portfolio firms require the highest level of supervision and are the smaller of the population of firms. The guides summarize the FCA's approach that will apply to the two different kinds of firms. The revisions aim to help the FCA to take a more sector-based approach to identifying risk and engaging more widely with market representatives.

The guide for fixed portfolio firms is available at: http://www.fca.org.uk/static/documents/corporate/supervision-guidefixed.pdf; and the guide for flexible portfolio firms is available at: http://www.fca.org.uk/static/documents/corporate/supervision-guide-flexible.pdf