SKILLED PERSON

One of the methods the FSA uses to ensure that firms deliver the changes required after one of their visits or assessments (see preparing for a visit section) is by the use of a Skilled Person.

The FSA defines a Skilled Person as:...."A person appointed to make a report to the FSA, as required by Section 166 of the Financial Services and Markets Act 2000 (Reports by Skilled Persons) who must be nominated or approved by the FSA and appearing to them to have the necessary skills to produce a report on the matter concerned." There is also an FSA factsheet on this topic.

In our view, whilst the skills required by the FSA are mandatory, a real knowledge of the mortgage market is needed to work closely with firms and to consider issues of customer redress (if any).

Telos Compliance is able to provide experts who more than satisfy this definition and who are experienced practitioners in the Mortgage & General Insurance markets.

For more FSA information on skilled persons click here.