Skilled Persons (s166) Reviews
The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have the power to commission reviews by Skilled Persons to obtain an independent view of regulated activities that may give cause for concern or need further analysis.
There are two types of Skilled Person Reviews* that may be commissioned. These are known as:
- s166 reports by Skilled Persons; and/or
- s166A appointment of a Skilled Person to collect and update information.
We are able to conduct s166 reviews across financial services, covering the following areas:
- Conduct of business
- Governance and accountability
- Risk management
- Client assets and safeguarding
- Claims and complaints handling
- Financial crime
- Prudential – banking
- Prudential – insurance
- Capital adequacy – solo regulated firms
We are well positioned to be chosen as your preferred supplier for approval from the FCA or PRA to contract with your firm directly (known as an indirect appointment).
Skilled Person Review support
We recognise that a Skilled Person Review can be an intrusive, stressful and expensive process for a firm to work through. We can provide firms with support during the Skilled Person Review to limit the impact when another firm is acting as the Skilled Person.
Using our experience and understanding, and by following a proportionate approach, we can help firms prepare for a s166, respond to requests, coordinate the process and provide general guidance.
*Under Section 166 of the Financial Services and Markets Act, as amended by the 2012 Act (FSMA).
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