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A skilled person review is one of the regulatory tools the Prudential Regulation Authority (PRA) can employ under FSMA as amended by the 2012 Act.
There are two types of skilled person review under FSMA as amended by the 2012 Act that gives the PRA the power to commission reviews by Skilled Persons as required:
- s166 Reports by Skilled Persons; and/or
- s166A Appointment of Skilled Person to collect and update information.
The PRA use these powers to obtain an independent view of aspects of a firm's activities that for example cause concern or where further analysis is required. The Use of Skilled Persons Part of the PRA Rulebook (see Key Resources below) sets out the PRA’s requirements for a Skilled Person Review. The Reports by Skilled Persons supervisory statement - SS7/14 (see Key Resources below) sets out the PRA’s policy on, and expectations for, the use of these powers.
Skilled Person Panel refresh
The current Skilled Person Framework will run until April 2017. The FCA, PRA and Bank of England started the tender process for the new panel on 15 July 2016 with an advertisement in the Official Journal of the European Union (OJEU). Further information for potential bidders is available from the OJEU tendering website
Information on the skilled person reviews commissioned by the PRA is published on a quarterly basis. Click on the links below to see data on the Skilled Person Reviews that were commissioned in the previous quarters.
PRA Q2 15/16 skilled persons reports commissioned – restated