Skilled Person Reporting
The UK regulators can appoint or require a firm to appoint a third party to review and report on specified areas. The number of Skilled Person assignments commissioned by the UK regulators is increasing. They allow UK regulators to react quickly to firm-specific or thematic issues, focus resources and expertise and are becoming a necessary part of the regulator’s tool kit. Regulators maintain a panel of approved independent third parties in various subject matters or “Lots” for these reviews.
Pathlight is an approved third party for a number of Lots and we have extensive experience of providing Skilled Person assignments under contract to the subject firm or the relevant regulator.
We’re a Skilled Person panel firm for the following subject matter areas:
- Client Assets and Safeguarding (Lot A)
- Governance, Accountability, Strategy and Culture (Lot B)
- Conduct of Business (Lot D)
- Financial Crime (Lot E)
- Prudential – Adequate Financial Resources for FCA Solo Regulated Firms (Lot H)
We know a Skilled Person assignment can be unwelcome and there may be concerns about the business disruption, cost and possible outcomes of the process.. Yet, we see a Skilled Person assignment as an opportunity to rebuild or enhance the relationship with the regulator(s). We work hard to add value to the business and –not deliver a bulky report reiterating t known challenges.
Our Skilled Person delivery teams have years of industry and regulatory knowledge. You’ll be working with experienced professionals who will tailor solutions to your business. Our close and regular contact with both the PRA and FCA teams will help you visualise what regulatory compliance looks like for your organisation, and together we will work to achieve it.