OCREUS Group

There were 59 skilled person reports commissioned by the Financial Conduct Authority over the last 12 months, according to the watchdog’s annual report and accounts.

There has been a big rise in the number of skilled person reports commissioned by the Financial Conduct Authority over the last 12 months.

According to the watchdog’s annual report and accounts, there were 59 cases where the FCA used section 166 powers under the Financial Services and Markets Act (FSMA), a 73 increase on the 34 cases in the previous 12 months.

Section 166 probes are conducted by independent bodies to explore firms’ systems controls and failings, while assessing plans to fix these issues.

They cover a wide range of areas. Out of the 59 cases, 9 were in the investment management sector. The majority of cases were found in retail lending at 18, followed by retail banking, which had 14 probes.

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Categories: Financial

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