Skilled person report meaning

The company noted in its yearly report that a ‘skilled person’, who was not identified by name, was conducting an independent assessment to update the FCA on whether firms within the Quilter Financial Planning network adhered to regulatory requirements in their provision of advice services. The financial services group stated it had identified ‘limited cases’ where clients had not received ongoing advice, after a review of its historic data, policies, and internal company procedures...

In this issue Key developments UK immigration control: how it works Sponsored work Challenging immigration decisions and enforcement No Weekly Highlights on 24 April 2025 Daily and weekly news alerts New and updated content Future developments—Immigration calendar UK immigration control: how it works Criminal Justice and Immigration Act 2008 (Commencement No 1) (Wales) Order 2025: Selected elements of the Criminal Justice and Immigration Act 2008, SI 2025/473 took effect on 11 April 2025. Brought into force are section 119(4) (offence of causing nuisance or disturbance on NHS premises); section 120(5) and (6) (authority to remove a person causing nuisance or disturbance); and section 121(1) to (3), (5) and (6) (guidance concerning the removal power, etc). See: LNB News 10/04/2025 36. IfG proposes annual Migration Plan to reform UK immigration policymaking: The Institute for Government (IfG) has issued an insight paper urging the government to adopt a yearly Migration Plan to tackle what it describes as...

Financial services developments FCA urges financial promotion approvers to apply the Consumer Duty from the start of the process The Financial Conduct Authority (FCA) has released the findings of its review into financial promotion approvers, stating that these firms need to do more to safeguard consumers. The best performers wove the Consumer Duty in from the outset of their workflows, enabling them to ensure every signed-off promotion was accurate, easy to understand and directed at the correct audience. By contrast, the FCA identified cases where firms cleared adverts carrying unproven claims, or let retail investors access promotions meant for professional clients. In some instances, approvers leaned on third‑party templates rather than conducting thorough checks themselves. The review examined ten authorised firms that sign off financial promotions for businesses not authorised by the FCA, with a focus on those approving promotions for Buy Now Pay Later, crowdfunding and corporate finance firms...

This Practice Note outlines the legal and procedural importance of the Financial Conduct Authority’s (FCA) decision to appoint investigators under Part XI of the Financial Services and Markets Act 2000 (FSMA 2000). It explores the statutory grounds for appointment, distinguishing between general and specific inquiries, the breadth and notification of an appointment, and the immediate legal effects that follow. It also addresses the role of limitation periods and the interplay with criminal and dual-track investigations. In addition, the Practice Note explains how appointing investigators signifies the formal start of an enforcement inquiry by the FCA’s Enforcement and Market Oversight division (Enforcement) and how this links to later stages of the FCA’s enforcement process. Key points Appointing investigators is the FCA’s first formal step in an enforcement investigation and activates the FCA’s formal investigative powers Depending on the suspected conduct, the FCA may appoint investigators under FSMA 2000, ss 167, 168 or 169 The FCA may rely on multiple statutory provisions or widen the appointment...

The Financial Services Enforcement Database holds comprehensive details of all substantive FCA and PRA Final Notices and, where available, Decision Notices issued from 2014 onwards. The Database can be searched and filtered by: rule breaches keywords sector date seriousness aggravating and mitigating factors financial penalties other actions, such as referrals to the Upper Tribunal Background The statutory power to require a firm to seek an independent view from a third party (a ‘skilled person’) on aspects of a regulated firm’s activities under section 166 of the Financial Services and Markets Act 2000 (FSMA 2000), as amended by the Financial Services Act 2012, is routinely used by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) within their regulatory toolkits. Either the FCA or the PRA may exercise this power when they need further granular information about a particular element of a firm’s business and lack the expertise or resources to perform the work...

The Financial Services Enforcement Database The Financial Services Enforcement Database holds comprehensive details of all substantive FCA and PRA Final Notices and, where available, Decision Notices, from 2014 onwards. The Database can be searched and filtered by: rule breach keyword sector date seriousness aggravating and mitigating factors financial penalty other actions, including referrals to the Upper Tribunal The Financial Conduct Authority (FCA) has a range of powers (see sections 97, 131E, 131F, 165–169, 171–173, 175, 176 and 284 of the Financial Services and Markets Act 2000 (FSMA 2000)) to gather information, appoint investigators, and require a skilled persons report (FSMA 2000, s 166). In each situation, the FCA selects the combination of powers it deems most appropriate. For reasons of fairness, transparency and efficiency, it will usually use formal statutory powers to obtain documents and/or information. However, where compelled information-gathering would be inappropriate, the FCA may instead invite a person to provide information or documents...