This practice note provides an overview of the FSA's key messages for firms for 2011/12.

These messages are drawn from the risks identified by the FSA in the Retail Conduct Risk Outlook for 2011 (2011 RCRO), which was published on 28 February 2011 and the Prudential Risk Outlook for 2011 (2011 PRO), which was published on 17 March 2011.

The risks identified in the 2011 RCRO and the 2011 PRO inform the FSA's priorities for 2011/12, which are set out in the FSA's Business Plan for 2011/12, published on 22 March 2011. For an overview of the FSA's priorities for 2011/12, see Practice note, FSA priorities for 2011/12.