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A leading UK and multinational insurer was required by the FCA to appoint a skilled person to review governance arrangements at both group and subsidiary levels. The review aimed to confirm that recent changes to the governance framework were effective and fully embedded.
The Challenge:
The client needed a comprehensive and independent review of governance arrangements under Section 166 of the Financial Services and Markets Act. This was a high-profile engagement requiring assurance for both the client and the FCA, covering multiple workstreams and involving senior leadership.
The Solution:
Huntswood was selected from five potential suppliers to undertake the review, which comprised 27 workstreams and remains the only governance review commissioned by the FCA to date. Over two months, we:
- Conducted an extensive review of more than 1,000 documents.
- Designed a scenario-based case study tool to test board and senior leadership decision-making, challenge, and information flow.
- Interviewed the client’s entire board and senior leadership team, completing 30 interviews in eight weeks.
- Maintained continuous engagement with the FCA to ensure transparency and a cooperative, “no surprises” approach.
The review was delivered by a team of experts in general insurance, conduct risk, and governance, combining operational and regulatory expertise.
The Results:
- First governance review conducted under Section 166
- 1,000+ documents reviewed
- 30 board interviews completed in eight weeks
- All improvements signed off, providing assurance to both the client and the FCA