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
(Governance and Individual Accountability)
Helping firms mitigate compliance risk while delivering good business and customer outcomes
Turn complainants into advocates by delivering customer service excellence
Review past business and identify where remediation could enhance your reputation and ensure good outcomes
A proactive approach to regulatory compliance
The significance of customer outcome testing in enhancing the comprehensive monitoring obligations of firms.
Meet short-term demands whilst building a foundation for resilient and compliant data management in the future
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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