SUP 5.2 The FCA’s power

Under section 166 of the Act (Reports by skilled persons), the FCA may, by giving a written notice, itself appoint a skilled person to provide it with a report, or require any of the following persons to provide it with a report by a skilled person:

1. (1)

   a firm; or

2. (2)

   any other member of the firm's group; or

3. (3)

   a partnership of which the firm is a member; or

4. (4)

   a person who has at any relevant time been a person falling within (1), (2) or (3);

but only if the person is, or was at the relevant time, carrying on a business.

Under section 166A of the Act (Appointment of skilled person to collect and update information), the FCA may require a firm to appoint, or itself appoint, a skilled person to collect or update information.