The FCA commissioned 14 skilled person reports between July and September, up from 12 in the same period a year ago.
Skilled persons reports, also known as section 166 reports, check for weaknesses or failings in a firm’s practices. The regulator orders these reports to be carried out where it has concerns and firms have to meet the cost of carrying out the report.
Half of the reports in Q3 were carried out among consumer credit firms, after the FCA took over regulation of the sector from the Office of Fair Trading in April.
Data published by the FCA shows four reports were carried out among banks and building societies, while two were conducted among professional firms and one for a mortgage business.
There were no reports commissioned for financial advice firms during the period.
The majority of the reports related to conduct of business, while the remainder related to governance, controls and risk management frameworks, client assets and financial crime.
In 2013/14, the FCA’s first year of operation, there were 50 skilled person reviews commissioned at a total cost to firms of £145.7m.