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ARTICLE · 14 OCTOBER 2015

UK Regulator Publishes Supervisory Statement On Reports Provided By Skilled Persons

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On September 30, 2015, the PRA published an updated Supervisory Statement on reports provided by skilled persons under the Financial Services and Markets Act 2000.

United KingdomFinance and Banking
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On September 30, 2015, the PRA published an updated Supervisory Statement on reports provided by skilled persons under the Financial Services and Markets Act 2000. Under FSMA, the PRA may appoint, or may require a firm or a certain individual to appoint a skilled person to provide the PRA with a report giving an independent view of a firm's activity. This is part of the PRA's supervisory approach to firms, to identify, assess or prevent risks, track the development of previously identified risks or to use as part of possible remedial measures. The Supervisory Statement is to be read alongside the Use of Skilled Persons Part of the PRA Rulebook, which specifies the rules on contracts entered into with skilled persons. The updated Supervisory Statement provides greater clarity on the use of a skilled person as part of the PRA's supervisory approach and in particular as a discretionary supervisory tool. The Supervisory Statement includes: (i) the PRA's considerations when

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