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ARTICLE · 07 NOVEMBER 2012

Skilled Persons Reports: Changes To The Regime In 2013

Clyde & Co
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Skilled persons reports are one of a range of investigation powers the Financial Services Authority (FSA) has at its disposal.

United KingdomFinance and Banking
Laura Cooke
Laura Cooke
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Skilled persons reports are one of a range of investigation powers the Financial Services Authority (FSA) has at its disposal. Over the years, the FSA has used this tool with increasing frequency and the costs for firms associated with such reports can be significant. While this power will remain under the new financial services regulatory regime which is expected to go live on 1 April 2013, certain amendments have been proposed which firms should be aware of.

Currently, section 166 of the Financial Services and Markets Act 2000 (FSMA) provides the FSA with the power to require a regulated firm or individual to commission a report by a skilled person. More particularly, section 166 provides that:

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