Reference Case Number: FOI8843
Freedom of Information: Right to know request:
For each year from 2017-2021 inclusive:
- a) In how many cases did the FCA use the section 166 power to commission a skilled person review in relation to financial crime?
b) Please provide a breakdown for the FCA sectors in which these cases occurred.
- In how many of the cases in (1.) did the FCA appoint the skilled person firm?
- What is the aggregate cost incurred by regulated firms for section 166 work?
FCA response:
Questions 1 (a) and (b)
The requested information can be found in the table below.
|
Year |
General Insurance & Protection |
Investment Management |
Retail Banking and Payments |
Retail Investments |
Wholesale Financial Markets |
Total |
|---|---|---|---|---|---|---|
|
2017-2018 |
1 |
4 |
2 |
4 |
11 |
|
|
2018-2019 |
2 |
6 |
6 |
14 |
||
|
2019-2020 |
9 |
3 |
4 |
16 |
||
|
2020-2021 |
11 |
1 |
5 |
17 |
||
|
2021-2022 |
1 |
5 |
1 |
7 |
||
|
Total |
1 |
7 |
33 |
4 |
20 |
65 |
Question 2
The skilled person was appointed by the FCA for one of the skilled person reviews in the above table
Question 3
The aggregate cost for the financial crime related reviews undertaken during the relevant period is £21.7m