SKILLED PERSON REVIEW UNDER S166 FSMA
A Skilled Person Review is an independent review of a regulated firm, usually focusing on specific issues. They can also be conducted if the regulator wishes to delve deeper into a firm’s activities. It’s just one of the supervisory tools the Financial Conduct Authority (FCA) has at its disposal under Section 166 (S.166) of the Financial Services and Markets Act (FSMA).
Whilst the FCA ultimately commissions the report, they will nominate, or ask the firm to nominate, a Skilled Person to undertake the work.
A Skilled Person Report will establish the extent of any problems and / or the degree of any customer detriment. It will help the FCA determine the extent of any remedial action that needs to be undertaken, the ongoing supervisory relationship the firm has with the FCA and whether enforcement action should be taken.
HOW CAN HUNTSWOOD HELP?
If your firm has received an s.166 draft notice, Huntswood is equipped to scope and undertake a review that meets the FCA’s specifications.
Huntswood’s proximity to regulatory issues and its dialogue with the FCA means that our experts can help your firm re-gain the regulator’s trust in the event of a review.
HUNTSWOOD DELIVERS SKILLED PERSON REVIEWS WITHIN THE FOLLOWING TWO AREAS OF EXPERTISE
‘Lot B’
(Governance and Individual Accountability)
‘Lot D’
(Conduct of
Business)
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