Skilled Person Panel 2017
03 April 2017
The Skilled Persons Panel retender results have been announced (1 April 2017).
Under the Financial Services and Markets Act, as amended by the 2012 Act, the FCA and PRA have the power to obtain a view from a third party (a ‘skilled person’) about aspects of a regulated firm's activities if they are concerned about a particular matter or want further analysis. This is known as a Skilled Person Report.
In 2013, the regulators established a ‘Skilled Person Panel’ to support ‘a consistent, high-quality and transparent approach’ to engaging with Skilled Persons and conducting skilled person reviews.
This panel has been subject to recent retender, to both refresh the panel of Skilled Persons deemed appropriate for conducting such reviews, and also realigning the subject categories, or ‘Lots’, with the latest regulatory and supervisory focus of the FCA, PRA and Bank of England.
As of 1 April 2017 regulators have expanded the Skilled Person Panel in areas such as Governance & Accountability, Prudential Risk within solo regulated entities and technology risk, especially cyber crime and IT resilience.
The full details of the FCA and PRA’s Skilled Person Panel can be found on the FCA Website, including BDO’s appointment across all Lots.