FSA is consulting on changes to EG to deal with how it might use reports firms commission from outside advisers. FSA knows firms often have good reason to get these reports and is looking at how it could save time and resources if FSA were able also to use the report and the material the advisers used to produce it. FSA stresses:
- nothing prejudices FSA's ability to call for a skilled person's report under FSMA or use any other enforcement powers;
- sometimes FSA may not think it is appropriate for a firm to commission a report: for example, where a report might alert individuals who would potentially be subject to criminal proceedings; and
- FSA cannot oblige firms to share reports with it.
It is consulting on guidance in EG as to how it might use the reports and the possible limited waiver of legal privilege that might be appropriate. It asks for comments by 23 February.