View more on these topics

Number of skilled person reports falls by over half

The FCA commissioned 10 skilled person reports in the first three months of 2014, a third of the number commissioned in the same period a year ago.

For the financial year 2012/13, there were 113 skilled persons reports, which fell by 54 per cent to 52 in 2013/14.

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.

Figures from the FCA show the number is down from 31 compared to Q1 2013, and down slightly from 11 in Q4 2013.

Of the 10 reports commissioned in Q1 2014, five were for banks and building societies, two for investment management firms, one for a personal investment firm, one for a securities and futures firm, and one for an insurance company.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm