Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

SUP 5.2 The FCA’s power22

Who may be required to provide a report?

SUP 5.2.1GRP

Under section 166 of the Act (Reports by skilled persons), the FCA1 may, by giving a written notice, itself appoint a skilled person to provide it with a report, or 2require any of the following persons to provide it with a report by a skilled person:

22
  1. (1)

    a firm; or1

  2. (2)

    any other member of the firm's group; or1

  3. (3)

    a partnership of which the firm is a member; or1

  4. (4)

    a person who has at any relevant time been a person falling within (1), (2) or (3);

but only if the person is, or was at the relevant time, carrying on a business.

SUP 5.2.2GRP

2Under section 166A of the Act (Appointment of skilled person to collect and update information), the FCA1 may require a firm to appoint, or itself appoint, a skilled person to collect or update information.