The regulatory bar is constantly being moved higher and scrutiny from the FCA has become more intense.
A Skilled Person Review is one of the regulatory tools the FCA can employ under FSMA as amended by the 2012 Act. The number of Skilled Persons Reports has grown dramatically in the last 5 years. Currently running at around 300 a year, the number is expected to increase in the next two years.
There are two types of Skilled Person Review 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.
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