Under Section 166, Financial Services and Markets Act 2000, the FCA has the power to order an independent “skilled persons report” that focus on specific issues that have been identified by the FCA as requiring investigation at the regulated firm.
Whilst it’s the FCA that requires the undertaking of a report by a skilled person, it’s the regulated firm being investigated that commissions it in agreement with the FCA and also and bears the cost of this report. The ‘skilled person’ will normally report directly to the FCA as well as to the firm being investigated.
Normally a skilled person’s report will focus on specific regulatory issues, such as the protection ...
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