New FSMA s166 Skilled Person panel

Published on: 08/04/2026 00:00

Expanding Choice and Elevating Quality: Navigating the New 2026 FCA/PRA Skilled Person Panel

A new iteration of the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) Financial Services and Markets Act 2000 (FSMA) s166 Skilled Person panel came into effect on 1 April 2026. This renewal brings more than just a routine administrative refresh; it represents a significant panel overhaul by the UK regulators, delivering greater market diversity for firms facing a s166 Skilled Person review. It looks set to introduce a more active, hands-on approach to quality management of Skilled Person reviews and reviewers.

For regulated firms, the expansion of the panels and the introduction of enhanced scrutiny of Skilled Person reviewers create a new landscape for s166 reviews. For smaller firms, in particular, it shifts the dynamic toward more flexible procurement choices and higher-quality delivery. 

Read John Higgins and Maria Symeon’s full article published in TRRI.