APCC Launch their Additional Skilled Person Suppliers List

APCC’s latest service to members and regulated firms: APCC launches their Additional Skilled Person Suppliers list to compliment the FCA’s official panel.

London, 13th March 2024 – Association of Professional Compliance Consultants (APCC), the trade association for compliance consultants, proudly announces the launch of their latest service to regulated firms through its members, the Additional Skilled Person Suppliers list. Intended to broaden the range of firms who can offer Section 166 reviews to regulated firms when called upon by the FCA.

Under Section 166 of the Financial Services and Markets Act 2000 (FSMA), the FCA has the power to oblige a Regulated Firm to instruct an external consulting/legal firm (Skilled Person) to review aspects of its operations, concurrently reporting back to the Firm and its Supervisor.
FSMA allows for the FCA to contract with the Skilled Person in two ways:
i. Directly from a pre-determined panel that gets refreshed through its procurement team roughly every four years, or
ii. Indirectly with the firm contracting with the skilled person. The FCA through its requirement notice will oblige the Firm to put forward at least three potential firms of their choice indicating their preferred firm.

There often appears to be some confusion around the published FCA Skilled persons panel in that some firms think that it is necessary for a Firm to select the three options from the published panel only, even though FSMA and FCA guidance is clear that they do not.
Without an additional suppliers list, Firms (particularly those who fit the target market of APCC membership) may struggle to identify suitable consultants that are not already on the FCA’s panel, which is typically comprised of large professional services firms (lawyers, accountants etc).

“We have identified a need, where the APCC is perfectly placed, to promote clarity in this area and provide an additional list of its members who have been vetted to ensure they have the adequate levels of experience of responding to Requirements Notices and conducting Skilled Person reviews,” said Ian Beardmore, Chief Operating Officer at the APCC,

“Whilst the APCC does not have the power to endorse members on this important new list, great care has been taken, together with Independent oversight, to ensure those firms on the inaugural list, have demonstrated evidential experience of successfully delivering Skilled Persons reviews, many having been previously on the FCA’s panel. This list will be carefully reviewed on an annual basis, and the APCC continues to encourage its members to strengthen their skill sets to give even more choice of trusted suppliers of Compliance expertise to regulated firms,” said Richard Farr, Telos Solutions – Chair of the Additional Skilled Person Supplier working group.

For more information about the APCC and the Additional Skilled Person Suppliers, please visit APCC – Association of Professional Compliance Consultants | Additional Skilled Person Suppliers (ASPS) or contact membership@apcc.org.uk

About APCC:
Founded in 2004, The Association of Professional Compliance Consultants is an independent industry body of compliance consultancies who advise approximately 25,000 regulated firms (approximately 45% of the FCA’s regulated firm population).

Media Contact:
Ian Beardmore
Chief Operating Officer
Association of Professional Compliance Consultants