CTPS 13.1 Purpose

1The purpose of this chapter is to give guidance on the FCA’s use of the powers in section 166 (Reports by skilled persons) and section 166A (Appointment of skilled person to collect and update information) of the Act as applied by section 312P (Information gathering and investigations) of the Act.

1The purpose is also to make rules requiring a critical third party to give assistance to a skilled person and, where a critical third party is required to appoint a skilled person, to include certain provisions in its contract with a skilled person. These rules are designed to ensure that the FCA receives certain information from a skilled person and that a skilled person receives assistance from a critical third party.

1. (1)

   1It is possible that section 166 (Reports by skilled persons) or section 166A (Appointment of skilled person to collect and update information) of the Act may apply to a critical third party directly rather than through section 312P (Information gathering and investigations) of the Act.

2. (2)

   For example, section 166 might apply because the critical third party is a member of the same group as an authorised person.

3. (3)

   SUP 5 (Reports by skilled persons) applies when section 166 or section 166A applies directly rather than through section 312P of the Act.

1If the FCA uses the powers in section 166 (Reports by skilled persons) or section 166A (Appointment of skilled person to collect and update information) of the Act in respect of a critical third party, it will normally make it clear whether it does so:

1. (1)

   under the regime for critical third parties (that is, under section 312P (Information gathering and investigations) of the Act);

2. (2)

   directly under section 166 or section 166A; or

3. (3)

   under both (1) and (2).

1CTPS 12 deals with certain aspects of the costs of skilled persons reports.