United Kingdom (and EU regulation)

FCA and PRA letters to Treasury Committee on the use of section 166 skilled persons report powers

By Simon Lovegrove (UK) on August 28, 2014 Posted in Regulation and compliance, United Kingdom

The House of Commons’ Treasury Committee has published the following letters to its chairman, Andrew Tyrie MP:

letter dated 7 July 2014 from Martin Wheatley (FCA chief executive); and
letters dated 7 July and 21 July 2014 from Andrew Bailey (PRA CEO and Bank of England Deputy Governor).

The letters are in response to an earlier letter from Mr Tyrie asking for information on how both regulators use their power to require a report by a skilled person under section 166 of the Financial Services and Markets Act 2000, as amended by the Financial Services Act 2012. The letters provide further insight into how the regulators use their powers to require a skilled person report.

In the FCA letter Mr Wheatley notes that over the past few years the number of skilled person reviews per year has not significantly increased and it is not the FCA’s strategic aim to significantly increase its use going forward.

Both letters discuss the process by which the decision is taken to require a skilled person report and what steps are taken to ensure that the costs to firms are kept to a minimum.

View Letter from Andrew Bailey to Andrew Tyrie dated 7 July 2014, 26 August 2014

View Letter from Andrew Bailey to Andrew Tyrie dated 21 July 2014, 26 August 2014

View Letter from Martin Wheatley to Andrew Tyrie dated 7 July 2014, 26 August 2014