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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.

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