SS7/24 – Reports by skilled persons: Critical third parties

First published on 12 November 2024

This Supervisory statement (SS) sets out the Prudential Regulation Authority (PRA) and the Bank of England’s (the Bank) policy on and expectations for the use of the following powers as supervisory tools as applied by s312P(5) and (6) of FSMA:

• s166 (Reports by skilled persons); and 
• s166A (Appointment of skilled person to collect and update information).

This SS is addressed to critical third parties (CTPs) and Persons connected with a CTP as defined in section 312P(10) of FSMA. It is intended to be read together with the Contracts with Skilled Persons and Delivery of Reports chapter of the Critical third parties Part and the Regulatory Transaction Fees chapter of the Fees Part of the PRA Rulebook and the Cost of Skilled Persons Reports and Contracts with Skilled Persons and Delivery of Reports chapters of the Bank rules for CTPs. 

Current version

• Supervisory statement 7/24 – November 2024 (pdf)
• - following PS16/24 – Operational resilience: Critical third parties to the UK financial sector