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