The FSA has promised and shown increased use and strengthening of section 166 FSMA: reports by skilled persons. For this reason, firms should now,
more than ever, be aware of reports by skilled persons and their potential outcomes.
Section 166 FSMA may be invoked by the FSA:
- For diagnostic purposes
- For monitoring purposes
- As a preventative measure
- For remedial action.
When appointing a skilled person consider:
- The independence of the skilled person
- The potential conflict of interest arising from a review by a firm’s auditors
- The experience and expertise of the skilled person
- The level of resource available to conduct the review.
Our team has built its experience at the regulator, in firms, and as skilled persons and can guide you through the process.
As experts in skilled person reports, we will support your firm with industry best practice and regulatory insight to increase
the likelihood of positive outcomes.
