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Home > Prudential Regulation Authority > Reports by skilled persons - SS7/14 UPDATED

Reports by skilled persons - SS7/14 UPDATED

19 June 2014
30 September 2015 - Content on this page has been updated see:
Reports by skilled persons – SS7/14 UPDATE
For information only, the original publication issued on 19 June 2014 is available below.


This supervisory statement is addressed to all firms regulated by the PRA. Its purpose is to set out the PRA’s policy on and expectations for the use of the following powers as supervisory tools:
(1) section 166 (Reports by skilled persons) of the Financial Services and Markets Act 2000 (FSMA); and
(2) section 166A (Appointment of skilled person to collect and update information) FSMA.
This statement is intended to be read together with the Use of Skilled Persons Part of the PRA Rulebook which sets out rules on the contract with the skilled person, and associated delivery and costs. Firms are also advised to read sections 166 and 166A of FSMA.
The PRA’s public consultation on this statement closed on 21 March 2014. None of the feedback received led to the need for any substantive amendment to the supervisory statement. This statement takes effect from 19 June 2014.
Supervisory Statement
Consultation Paper