s166 Skilled Person Review

The Skilled Persons Report is a component of the tools that the regulator uses to intervene early when a particular risk they perceive is identified. The skilled persons report seeks to shift to a more proactive and outcomes-focused style of supervision with four main elements:

• A more forward-looking assessment of potential risks in order to identify problems earlier

• Intensive supervision of firms, including early intervention

• Ensuring appropriate level of redress

• Achieving a credible deterrent by taking action against firms that fail to meet standards

Duff & Phelps has systems in place to address and mitigate risks identified by the regulator and will assist firms to ensure a route to a compliant culture where policies and systems are established that are in line with sound industry practice.