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.
The Complaints Outlook is back
WE'RE EXPLORING THE EMOTIONAL IMPACT OF COMPLAINTS
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
General regulation
ABI and BIBA review indicates good progress in fair pricing, but more needs to be done
Firms will need to continue to consider how they can address excessive price differences between new customers and renewal premiums.
Pensions
Podcast: DEFINED BENEFIT PENSION TRANSFERS: WHAT SHOULD FIRMS BE DOING?
Andy Sutherland joins Huntswood’s Zein Al-Bader and Paul Dyer to continue the discussion on the FCA’s Defined Benefit Pension Transfer policy updates, and its wider implications for the advice industry as a whole
Vulnerable customers
Responsible lending - navigating through uncertainty
Affordability and responsible lending should be a key priority for all businesses operating in consumer finance - no matter what the conditions
Pensions
Understanding the FCA’s new policy on DB pension transfers
Improve your DB advice operating model to meet and exceed advice standards
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.