Find out more about skilled person reviews, the Skilled Person Panel, and the number of reviews we commission.
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If we’re concerned about aspects of a regulated firm's activities or want further analysis, we can get a view from a third party (known as a 'skilled person').
This power is granted under the Financial Services and Markets Act (FSMA), as amended by the 2012 Act.
We can commission two types of skilled person review:
- s166 reports by skilled persons
- s166A appointment of skilled person to collect and update information
Appointing a skilled person
There are two approaches to appointing a skilled person firm. For each review we decide which approach is the most appropriate.
- The regulated firm puts forward its preferred choice of skilled person firm for our approval. Once approved, the firm contracts with the skilled person firm.
- We contract directly with a skilled person firm.
If we contract directly and appoint the skilled person firm, we will communicate with the regulated firm during the appointment process and the review itself. We will conduct a tender process, where appropriate, to identify the most suitable skilled person firm. We will assess technical capabilities, resources available, conflicts of interest and commercial aspects.
Our rules mean we can get the regulated firm to pay the costs of such skilled person reviews as a fee.
More information about the s166 process can be found in SUP 5 of our Handbook:
Skilled Person Panel
We have developed a Skilled Person Panel (PDF) that we use for directly commissioned s166 reviews. This means we can contract with a skilled person firm, in line with the Public Contracts Regulations 2015. The panel is divided into 12 subject categories known as 'lots' and is effective until 31 March 2026.
When a regulated firm contracts with the skilled person firm, it can choose to source a supplier listed on the Skilled Person Panel. But this isn’t a requirement. The firm may nominate any suitable supplier to us for consideration and approval.
The regulated firm is responsible for assessing whether a skilled person firm is appropriate for its requirements. It should consider the guidance in SUP 5.4 of the Handbook when appointing them.
Please see the 12 associated Lot Descriptions (PDF).
Number of reports commissioned
For the current financial year, we publish information once a quarter on how often we commission skilled person reviews:
We publish information about the skilled person reviews we’ve commissioned over each financial year in our Annual Reports.