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. These are firms able to undertake certain types of review.
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 is on the following FCA Skilled Person panels
‘Lot B’
(Governance and Individual Accountability)
‘Lot D’
(Conduct of
Business)
Related content
Regulatory Risk and Assurance
Helping firms mitigate compliance risk while delivering good business and customer outcomes
Complaints Excellence
Turn complainants into advocates by delivering customer service excellence
Past Business Review and Remediation
Review past business and identify where remediation could enhance your reputation and ensure good outcomes
Compliance Monitoring
A proactive approach to regulatory compliance
Latest Insights
Technology and Data
The five cyber threats we’ll face in the 2020s
Ransomware, more advanced phishing and mobile malware will be some of the biggest threats facing firms in the 2020s
Pensions
Defined benefit transfers – Change on the horizon?
Defined Benefit pension transfers remain a sticky topic in the industry. It remains up to firms to prove they are providing suitable advice
Pensions
Discussing pension transfers with Baroness Ros Altmann
Baroness Ros Altmann recently spoke to us about contentious issues within the pensions transfers market
SIGN UP FOR REGULAR INSIGHT
Keeping up-to-date with the latest industry topics and regulatory issues can be quite time-consuming!
Thankfully, our regulatory experts are here to help you stay on top of it all. Fill in the short form below to receive a monthly round-up of our insight, news and analysis.