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Skilled person reports

"Skilled person reports are vital to identify when and where consumer detriment has occurred"

FSA

The FSA has promised and shown increased use and strengthening of section 166 FSMA: reports by skilled persons. For this reason, firms should now, more than ever, be aware of reports by skilled persons and their potential outcomes.

Section 166 FSMA may be invoked by the FSA:

  • For diagnostic purposes
  • For monitoring purposes
  • As a preventative measure
  • For remedial action.

When appointing a skilled person consider:

  • The independence of the skilled person
  • The potential conflict of interest arising from a review by a firm’s auditors
  • The experience and expertise of the skilled person
  • The level of resource available to conduct the review.

Our team has built its experience at the regulator, in firms, and as skilled persons and can guide you through the process. As experts in skilled person reports, we will support your firm with industry best practice and regulatory insight to increase the likelihood of positive outcomes.

  

 Latest Consulting blog articles

Parting is such sweet sorrow: what to do if you’re no longer relationship managed by the regulator - Published 31-May-2012
An edition of this article was first published by Thomson Reuters GRC. © Thomson Reuters by Paul Scott, Director of Consulting at Huntswood Two regulators, both alike in dignity, in fair London where we lay our scene: from ancient grudge of mis-selling scandals, where retail firms cause retail customers detriment. Shakespeare’s works and retail banking [...]

UK appetite for packaged accounts: weighing up risks for firms - Published 04-May-2012
Originally published by Thomson Reuters GRC. © Thomson Reuters. by Paul Scott, Director of Consulting at Huntswood The double-digit growth rates demonstrated by well-known fast food chains in recent years are a tell-tale sign of the popularity of convenience eating in the UK. The population appears more than happy to buy mass-produced, low-nutrition, appealingly packaged [...]

Clean up claims firms but they have a role to play - Published 24-Apr-2012
Written by John Howard who is a special adviser to Huntswood and former chair of the Financial Services Consumer Panel. First published by MoneyMarketing.com on 24th April 2012. How many emails, texts and phone calls have you received today from Claims Management Companies promising you compensation for dodgy loan insurance cover?  This aggravating blight on [...]

 
 
 
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