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
‘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
Complaints
The Current State of FOS Complaints – Q2, FY 2024 / 2025
Welcome to the second edition of our regular view of the FOS complaints landscape, as we assess the current trends and what insight firms can glean from the latest figures.
Complaints
Research report: Complaints Outlook 2024
Our latest Complaints Outlook research report provides your firm with actionable insight for every stage of the complaints journey
General regulation
Insurance Sector update - Autumn 2024
The FCA has been very active in the insurance sector in 2024. New products have returned to the market in a controlled form – GAP insurance – whilst other products are under a higher level of scrutiny – premium finance.
Remediation
The FCA’s consultation on extending the motor finance commission complaints deadline
What does the regulator’s announcement mean for firms thinking about their strategy around motor finance complaints?
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.