Skilled person or blank cheque?



It is hard to miss the message in FCA speeches and press reports concerning the revitalised and repositioned UK regulator.

A recent speech by Martin Wheatley referred to a “record” level of fines last year. The figure stood at £312m, which is more than triple the previous high of £89m. He also pushed back on the idea the new regulator is an “airbrushed version of what went before”. Meanwhile, there is much talk about the uplift in skilled person reports, with press articles indicating at least three new reports were commissioned in the FCA’s first hundred days. But what of the cost? A skilled person review is one of the tools the regulator can use under the Financial Services and Markets Act or FSMA. Fo...

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