FCA data reveals spike in insurance skilled persons reports
The Financial Conduct Authority has revealed commissioning seven skilled person reports across the general insurance and protection sector between July and September.
If the regulator is concerned about aspects of a regulated firm’s activities or wants further analysis, it can get a view from a third party, known as a ‘skilled person’.
There are two types, s166 for reports by skilled persons and s166a for the appointment of a skilled person to collect and update information.
The reports, from power granted by the Financial Services and Markets Act, involve the person taking a deep dive into the business.
It is one of the key things in the FCA’s armoury
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