Find out when and how we commission skilled person reviews, how firms can appoint a skilled person, and how many reviews we carry out each year.
If we're concerned about aspects of a regulated firm's activities or want further analysis, we can commission a review by a third-party expert. These third-party experts are known as skilled persons.
This power comes from the Financial Services and Markets Act (FSMA), as amended by the Financial Services Act 2012.
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. Where appropriate, we run a tender process to find the most suitable firm. We assess technical capability, available resources, conflicts of interest and commercial factors.
Under our rules, we can require the regulated firm to pay the costs of the review.
More information about the s166 process can be found in SUP 5 of our Handbook:
- SUP 5.3[1] gives an overview of our policy on the use of skilled persons
- SUP 5.4[2] provides details about scoping a review, the appointment process and reporting
- SUP 5.5[3] outlines a firm’s duties during a review
Skilled Person Panel
For directly commissioned s166 reviews, we use a Skilled Person Panel (PDF).[4] This allows us to contract with skilled person firms in line with the Procurement Act 2023.
When a regulated firm contracts with a skilled person firm, it can choose to use a supplier listed on the panel. This is not a requirement – the firm may nominate any suitable supplier for our consideration and approval.
The regulated firm is responsible for deciding whether a skilled person firm meets its needs. It should follow the guidance in SUP 5.4[5] of the Handbook when making this appointment.
Read the 12 Lot Descriptions (PDF)[6].
Number of reports commissioned
Q1 2026/27
Between 1 April 2026 and 30 June 2026, 8 skilled person reports were commissioned.
None of these were commissioned under our power to contract directly with a skilled person.
Where a firm contracts with a skilled person, the firm is responsible for the selection and appointment of the skilled person, with the FCA approving any such selection in accordance with SUP 5.4.8G[7].
Read more about our approach to supervision[8].
The figures stated are correct as of 30 June 2026 but may be subject to change.
| Market | Number of skilled person reports commissioned in Q1 2026/27 |
|---|---|
| Consumer finance | 0 |
| Consumer investments | 7 |
| Infrastructure and exchanges | 0 |
| Insurance | 0 |
| Payments and digital assets | 0 |
| Retail banking | 0 |
| Wholesale buy-side | 0 |
| Wholesale sell-side | 1 |
| Total | 8 |
| Skilled person panel lot | FCA supervision categories | Total | |
|---|---|---|---|
| Dedicated supervision firm | Portfolio supervision firm | ||
| Lot B: Governance, accountability and culture | 0 | 1 | 1 |
| Lot C: Controls and risk management frameworks | 0 | 1 | 1 |
| Lot E: Financial crime | 0 | 3 | 3 |
| Lot F: Market abuse | 0 | 2 | 2 |
| Lot M: Trade and transaction reporting | 1 | 0 | 1 |
| Total | 1 | 7 | 8 |
Previous years
We publish information about the skilled person reviews we’ve commissioned over each financial year in our Annual Reports.
