NEWS RELEASE: The Financial Conduct Authority (FCA) has today announced its new Skilled Person Panel, effective until 2021. The panel is a supervisory tool, used by the financial watchdog to carry out independent reports, known as a s166 review, where there are specific concerns about a regulated firm’s activities. The reviews have been used to tackle heavyweight cases including closer examinations of restructuring deals and alleged money laundering.
Firms issued with a s166 Requirement Notice need to select one of the appointed providers from the panel to carry out the Skilled Persons review. A skilled person must have the necessary expertise to make a report on the matter concerned or to collect or update the information required by the regulator. Since the introduction of the panel in 2013, the topic areas that form the panel’s categories have increased from eight to ten, highlighting the need for businesses to address a range of complex regulatory issues.
Ben Blackett-Ord, Bovill’s chief executive, comments:
“The Skilled Person Panel is an effective regulatory tool that supports the FCA’s transparent approach to conducting the Skilled Persons reviews. Bovill prides itself on once again being appointed as a member of the panel.
Firms issued with a s166 Requirement Notice often face a number of challenges. Firstly, the process of conducting a review and collecting the information required by the regulator can be expensive and difficult to manage. The FCA also provides a specific time limit within which it expects the Skilled Person review to be delivered which can increase the pressure for many firms. It is essential for businesses to work closely with the Skilled Person to ensure that the right issues are identified and that the final report meets the regulator’s expectations with practical recommendations.”