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How to navigate the Skilled Person Review

As part of our How to series, we thought to release a brief guide on what to do when you are required to appoint a Skilled Persons by the regulator.

What is a Skilled Person Review?

The s166 Skilled Person Report refers to the use of a supervisory tool found in s166 of FSMA, which gives the FCA power to require any regulated firm or a member of its group, to provide it with a report by a Skilled Person.

The FCA commissions the report and the firm concerned pays for a Skilled Person to produce it.

The Skilled Person provides both the required resources and necessary expertise to review areas of concern identified within a firm and/or the effectiveness of remedial action a firm has taken.

There are two types of Skilled Person review:

  • S166 Skilled Persons Report

  • S166A: Skilled Person Information Exercise

A Skilled Person Report can be on any matter that is reasonably required by the FCA in connection with the use of its regulatory functions under the Act.