The PRA has updated Supervisory Statement 7/14: Reports by skilled persons (SS7/14) in order to provide greater clarity on the use of skilled persons in its supervisory approach, in particular as a discretionary supervisory tool. SS7/14 has also been updated to alert firms to the possibility of avoiding costs that would otherwise arise if the firm and the PRA both wish to commission work from an external party on the same, or broadly the same, matter. Parapgrahs 2.3 to 2.5 have been deleted, and paragraphs 1.7A, 1.7B, 1.7C and 4.4A have been added. Paragraphs 2.2(v) and 2.9 have been updated.

View Reports by skilled persons – SS7/14 update, 30 September 2015