• 4.3 4.3 Power to require a report

    • 4.3.1

      We may require a firm or Recognised Body to provide it with a report from a skilled person on specified matters, in circumstances where:

      (a) we have concerns about the adequacy of systems and controls (such as compliance, internal audit, anti-money laundering, risk management and record keeping);
      (b) we seek verification of information submitted by it; or
      (c) we require remedial action to ensure the firm or Recognised Body complies with the laws.

    • 4.3.2

      GEN 8.12 sets out various requirements relating to the appointment of a skilled person, including:

      (a) give written notification to the firm or Recognised Body, by us, concerning the purpose of the proposed report, the scope, the timetable for completion and any other relevant matters;
      (b) specify the nature of the concerns, by us, that led to the decision to appoint a skilled person and the uses we may have for the results of any skilled person's report;
      (c) the skilled person must be appointed by the firm or Recognised Body and be nominated or approved by us;
      (d) a firm or Recognised Body is required to ensure it provides all assistance that the skilled person may reasonably require and ensure that the skilled person co-operates with us; and
      (e) a firm or Recognised Body is required to pay for the services of the skilled person.