Regulators often require an independent view from a third party (a “Skilled Person”) of a firm’s activities, governance or systems and controls, usually where the regulator has perceived a cause for concern.
In the UK, these independent reviews are known as either Section 166’s (of the Financial Services and Markets Act 2000) or Skilled Person reports and can be commissioned by either the FCA or the PRA.
In order to ensure that during these reviews a high-quality and transparent approach was consistently maintained, the FCA developed a Skilled Person Panel in 2013. This panel was recently re-tendered to include 10 subject categories known as “Lots” which cover the focus areas of the FCA and PRA, and is effective from April 1 2017 until March 31 2021. These Lots include areas such as Conduct of Business, Financial Crime and Prudential.
In March 2017, the FCA and PRA released details of the Skilled Person Panel including Duff & Phelps’ appointment across all relevant Lots. Duff & Phelps has many years of experience acting as a Skilled Person, not just in the UK, but also in Hong Kong and the Channel Islands.