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.

Co icon journey

 

The Complaints Outlook 2021

Be one of the first people to read the report and register your interest in attending our event

Pre-register now

 

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 change assurance

Regulatory Risk and Assurance

Helping firms mitigate compliance risk while delivering good business and customer outcomes

Complaints excellence purple

Complaints Excellence

Turn complainants into advocates by delivering customer service excellence

Past business review

Past Business Review and Remediation

Review past business and identify where remediation could enhance your reputation and ensure good outcomes

Compliance monitoring

Compliance Monitoring

A proactive approach to regulatory compliance

Latest Insights

Energy service
Complaints

Ofgem complaints warning is an opportunity to reduce cost to serve

The latest consumer perceptions data from Ofgem provides an early warning for customer service teams dealing with complaints.

Insurance pricing practices
Fair pricing

Regulatory update: MS18/1.3 - The FCA’s General Insurance Pricing Practices Final Report

The FCA have published the final findings of their General Insurance Pricing Practices Market Study and have set out a package of remedies to address the concerns identified

Insurance add ons
Fair pricing

FCA general insurance add-ons data: an opportunity to demonstrate value

Building a methodology for establishing, monitoring and responding to customer outcomes now, will help firms to deliver better value for money to customers in the future

Podcast web banner blue
Fair pricing

Podcast: Fair Pricing and Value in General Insurance

Listen to our experts delve into the wide reaching topic of pricing and value in the General Insurance sector

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. 

Huntswood didn't go off track at all with any part of the delivery and fully understood our business. If any compliance / conduct risk support is required, Huntswood will always be involved in the process.

Motor Finance provider

The Huntswood team have delivered precisely to brief and in a timely manner too. I have been most pleased with the thoroughness of preparation going into the project. This, combined with the obvious regulatory and strategic experience you all have, has made the project a great success.

Managing director, major insurance firm

The high levels of engagement and expertise you have provided ensured we were well informed, consulted and guided (where appropriate) … The collaborative approach was excellent and created trust and understanding around the new model. Not only was this invaluable for the team, it was beneficial for the wider business …

Head of Quality, large general insurance intermediary