Making use of its new power, the UK’s Financial Conduct Authority (FCA) is hiring specialists for its investigations in contentious cases and has commissioned three reports from experts in its first three months of its operations, the Financial Times has reported.
The FCA, which replaced the FSA in April this year, could order a firm to bring in and pay for an outside expert to look into a particular problem area under section 166 of the Financial Services and Markets Act.
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The FCA can also opt for a ‘directly procured’ report, which means FCA staff pick and instruct the expert, and determine the scope of the review. Cost is covered by the company being investigated.
However, the Financial Times report did not reveal the companies that have found themselves subject to its direct commissioning powers.
In its last year of operations, the FSA asked for 113 ordinary section 166 reviews, up slightly from 111 in the 2011-12 financial year.
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