Whilst it’s the FCA that requires the undertaking of a report by a skilled person, it’s the regulated firm being investigated that commissions it in agreement with the FCA and also and bears the cost of this report. The ‘skilled person’ will normally report directly to the FCA as well as to the firm being investigated.

Normally a skilled person’s report will focus on specific regulatory issues, such as the protection and processing of customer data and the correct policies, procedures and processes required to be implemented in ord...