Banks bear brunt of FCA skilled persons reports

Magnifying-Glass-And-Text-Kindle-Contract-700x450.jpgThe FCA issued 10 skilled persons reports in the fourth quarter of 2015/16, half of which related to conduct around client assets.

In a document published today the regulator revealed that four skilled persons reports in Q4 were commissioned for banks, two for consumer credit firms, and one each for an investment management firm, a securities and futures firm, a general insurance broker, and a stockbroker.

The 10 reports commissioned in Q4 are a significant increase on the four reports ordered in Q3 but a drop on the 15 reports commissioned in the same period of 2014/15.

As well as the five reports commissioned relating to the client assets conduct classification, there were two reports relating to governance, control and risk management frameworks, two related to conduct of business and one related to financial crime.

Of the 10 reports commissioned in Q4 2015/16, one was ordered under the FCA’s power to contract directly with a skilled person.

Professional services firms PWC, Deloitte, EY, FTI Consulting, Promontory and KPMG were engaged to carry out the reports in Q4.