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Guidance for skilled persons' reviews

ICAEW’s guidance to help chartered accountants and other professionals who are asked to report under Section 166 (s166) and Section 166A (s166A) of the Financial Services and Markets Act 2000 (FSMA), as amended by the Financial Services Act 2012 (FS Act).

This guidance replaces ICAEW’s guidance for skilled persons’ review issued in 2012.

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TECH 15 / 14 FSF Guidance for skilled persons' reviews


The guidance has been updated following amendments to the FSMA made by the FS Act on 1 April 2013, when the functions of the Financial Services Authority (FSA) were transferred to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) (references in this guidance to the ‘appropriate regulator’ mean either the FCA, the PRA, or the Bank of England (BoE) as appropriate).

It expands the guidance previously contained in ICAEW Technical Releases TECH01/08FSF and TECH01/12FSF, to include further guidance on assurance and review and recommend engagements and on the direct appointment of a skilled person by an appropriate regulator