Investment managers bear brunt of past year’s section 166 reports

The total number of skilled persons reports demanded by the regulator under its section 166 powers, has held steady over the past year, reports Esther Martin.

During the year ending 31 March 2017, the Financial Conduct Authority has ordered 49 reports to be conducted by skilled persons on areas of some regulated firms’ business. Most of this scrutiny has fallen upon investment managers, with 11 reports, followed by personal investment firms and stockbrokers – with nine reports apiece – and then banks, with six.