Skilled Persons Reviews - s166 and s166A - Financial Conduct Authority

Skilled Persons Reviews (s166 and s166A)

Published: 16/03/2015     Last Modified: 04/05/2016
A Skilled Person Review is one of the regulatory tools the FCA can employ under FSMA as amended by the 2012 Act.

There are two types of Skilled Person Review under FSMA as amended by the 2012 Act that gives the FCA the power to commission reviews by Skilled Persons as required:

  • s166 Reports by Skilled Persons; and/or
  • s166A Appointment of Skilled Person to collect and update information.

We use these powers to obtain an independent view of aspects of a firm's activities that for example cause us concern or where we require further analysis. For further detail on when we may use these powers please refer to SUP 5 of our handbook.

Skilled Person Panel

FSMA as amended by the 2012 Act gives the FCA the power to contract directly with Skilled Person Firms in addition to the customary approach where the regulated entity enters the contractual arrangements. Rules have also been made to enable the costs of such Skilled Person Reviews to be payable as a fee by the regulated entity.

To enable the FCA to use this new power in line with the European Procurement Directive and the Public Contracts Regulations 2006, a panel of Skilled Person Firms (‘the Panel’) has been developed. The Panel will be effective from 1 April 2013 until 31 March 2017 and will be monitored on a regular basis.

The Panel has been developed to ensure a consistent, high quality and transparent approach to conducting Skilled Person Reviews. It is expected that the Panel will also be used where the regulated entity contracts with the Skilled Person Firm, where appropriate. It remains the regulated entity’s responsibility to assess the individual appropriateness of the Skilled Person Firm for their particular requirements. The regulated entity should have consideration of the guidance in SUP 5.4 of the FCA Handbook when appointing a Skilled Person Firm.

Where the FCA is contracting with the Skilled Person Firm, there will be an appropriate level of dialogue with the regulated entity during the appointment process and the remainder of the review. The FCA will conduct a tender process, where appropriate, to identify the most suitable Skilled Person Firm. This will include an assessment of technical capabilities, resources available, conflicts of interest and commercial aspects.

Please click on the links below to see the Skilled Person Panel and eight associated Lot descriptions. Please note that Lots 1 and 2 relate to suppliers of consulting services outside of s166 and s166A and are therefore not relevant here.

Quarterly information

Information on how often we commission skilled person reviews is published on a quarterly basis. Please click on the links below to see the number of skilled persons reviews that were commissioned in the previous quarters:

2015/16

FCA Q4 15/16 Number of skilled person reports commissioned

FCA Q3 15/16 Number of skilled person reports commissioned

FCA Q2 15/16 Number of skilled person reports commissioned

FCA Q1 15/16 Number of skilled person reports commissioned

2014/15

FCA Q4 14/15 Number of skilled person reports commissioned

FCA Q3 14/15 Number of skilled person reports commissioned

FCA Q2 14/15 Number of skilled person reports commissioned

FCA Q1 14/15 Number of skilled person reports commissioned

2013/14

FCA Q4 13/14 Number of skilled person reports commissioned

FCA Q3 13/14 Number of skilled person reports commissioned

FCA Q2 13/14 Number of skilled person reports commissioned

FCA Q1 13/14 Number of skilled person reports commissioned

2012/13

FSA Q4 12/13 Number of skilled person reports commissioned

FSA Q3 12/13 Number of skilled person reports commissioned

FSA Q2 12/13 Number of skilled person reports commissioned

FSA Q1 12/13 Number of skilled person reports commissioned

Cost information will be published on an annual basis within our annual report.

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