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
• encourage firms to engage with their supervisors before commissioning external reviews on subject matters which may be of interest to the PRA to avoid a firm incurring unnecessary costs.

Copies of the updated supervisory statement http://bit.ly/1VsGf3b and webpage announcing the update http://bit.ly/1hfWvlv