Jurisdiction(s):
United Kingdom

Skilled person reports and information collection under FSMA ss 166 and 166A: FCA/PRA powers, appointment, costs, firm duties, confidentiality and practical guidance

Published by a LexisNexis Financial Services expert

Practice notes

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 themselves, or where the firm is unlikely to provide an objective assessment. The power may support supervisory or enforcement work. The FCA or the PRA can commission two types of skilled person review:...

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Jankee Gohil

Linklaters

Jankee advises firms on a range of regulatory and compliance matters, with a particular focus on contentious regulatory work. She has significant experience advising asset managers in relation to FCA enforcement investigations and supervisory interventions, including s166 FSMA 2000 reviews and enquiries relating to market abuse. Other recent experience includes advising an unregulated firm under investigation by the FCA for breach of the general prohibition; advising a US headquartered bank in relation to an internal investigation; and advising multiple firms in relation to Ofgem enquiries / investigations. Jankee has also represented an individual in an FCA investigation which was closed with no enforcement action and assisted firm to successfully defend themselves against client complaints, including those referred to the FOS. Jankee’s recent non-contentious experience includes advising a range of firms across the retail and wholesale sectors, as well as unregulated firms, on new and...

Web page updated on 22/05/2026

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