Reports by skilled persons
Produced in partnership with Sophie Walden of Linklaters
Reports by skilled persons

The following Financial Services practice note produced in partnership with Sophie Walden of Linklaters provides comprehensive and up to date legal information covering:

  • Reports by skilled persons
  • Background
  • The power to require a report
  • The requirement notice
  • Cost
  • The power to collect or update information
  • The decision to invoke FSMA ss 166 or 166A—regulator considerations
  • The skilled person
  • Reporting
  • Duties of the firm
  • More...

Lexis®PSL Financial Services FCA/PRA Enforcement Database: This incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 to 2020. The Database, available here, may be searched and filtered by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, financial penalty, and other actions such as appeals.

Background

The power to require a firm to obtain a view from a third party (a ‘skilled person’) about aspects of a regulated firm’s activities under section 166 of Financial Services and Markets Act 2000 (FSMA 2000), as amended by the Financial Services Act 2012, is used regularly by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) as part of their regulatory toolkits.

Either the FCA or the PRA can use this power in circumstances where they require additional detailed information about a certain aspect of a firm's business and do not have the expertise or resource to conduct the work themselves, or where, for some reason, the firm is not likely to provide an objective view. The power can be used in support of supervisory or enforcement work.

The FCA or the PRA can commission two types of skilled person review:

  1. the appointment of a skilled person to produce a report under FSMA 2000, s 166, or

  2. the collection or updating of information by

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