| Link(s): | Number of skilled person reports commissioned in Q1 2022/23 (April to June 2022) (fca.org.uk) |
Context
The FCA has published details in a brief document about the number of skilled persons reports it commissioned in the first quarter of its current financial year (so April – June 2022).
Key points to note
- The FCA commissioned a total of nine skilled persons reports in the quarter. This is less than the previous two quarters (at 12 and 11), but the same number as the same period last year.
- None of those were in the general insurance sector, with the nine being split between retail banking & payments (4), retail investments (2), investment management (1) and wholesale financial markets (2).
- Three of the reports were commissioned for Dedicated Supervision firms, with six for Portfolio Supervision firms (so general supervision).
- The reports were commissioned in relation to governance and individual accountability (2), controls and risk management frameworks (5) and financial crime (2).
- In two of the cases, the FCA chose to appoint and contract with the skilled person directly, rather than allowing the firm itself to do so .
Next actions
None – for information and awareness.