The Financial Services and Markets Act 2000 (FSMA) gives the UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) a range of powers that either may use to gather information about an authorised firm. This includes the power to commission a “skilled person report” in accordance with s 166 of FSMA.
In this article, Doug Cherry, Tim Dolan, and Hannah Sheikh describes what a skilled person report is, what a skilled person report can be commissioned for, what the consequences are for an entity in practice and considers how often skilled person reports are commissioned by the regulators.
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