On 12 July 2016, the FCA published its annual report and accounts for 2015/16. The report outlines some of the key pieces of work undertaken by the FCA in 2015/16. It also shows how the FCA has managed the risks to achieving its operational objectives that it identified in its 2015/16 business plan The report […]

The PRA has updated supervisory statement SS7/14 to provide clarity on the use of skilled persons in the PRA’s supervisory approach. The update is intended to: show that the power to commission reports by skilled persons is a discretionary supervisory tool; highlight that the use of skilled persons in an enforcement context is rare; and […]

The total number of skilled persons reports which firms have been ordered to carry out by the Financial Conduct Authority (FCA) is slightly up on the same figure for this time last year but considerably down on the figure for the year before that. This report, also known as a section 166 report, is one […]

The PRA and FCA have published a series of responses to a letter sent by Andrew Tyrie, Chairman of the Treasury Select Committee on 23 June 2014, in which he sought clarification on how the PRA and FCA use their respective powers to require a report by a skilled person in accordance with section 166 […]