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What Is A FSMA S166 – Video – A FSMA 2000 Skilled Persons Review and Report

Gerry Neu
Gerry Neu
2023-06-15
Lee, in particular, but the whole team has excellent FCA experience and provide the context for solid advice. What stands out, especially, is the practical approach and the understanding of compliance within a commercial environment. Much appreciated assistance in an FCA application, but also policies and procedures and MLRO activity.
SRUTI SOURAV SARANGI
SRUTI SOURAV SARANGI
2023-02-21
Compliance Consultant had imparted two days intense training on key compliance subjects . With highly experienced trainer, excellent content and captivating sessions they delivered the best to our team. We are thankful to Compliance Consultant for their services.
Simon Dhillon
Simon Dhillon
2022-08-23
I worked with Compliance Consultant for 2 years and was involved in a variety of projects for various firms, both start-ups and established. Lee was a pleasure to work with and was very knowledgeable about all aspects of compliance, this provided reassurance that client work was carried out to a high standard. The team at Compliance Consultant worked very closely and was always on hand to provide assistance or advice on specialist areas for eg FCA Authorisations or Audits.
SMTAKS
SMTAKS
2022-08-15
In a high pressure situation, Compliance Consultant stepped in to help us further understand the requirements and completely changed the authorization documentation urgently needed.
Angela Young
Angela Young
2022-01-27
First class service in every way. Whilst applying for FCA authorisation the original compliance company we were working with let us down. Feeling despondent, Lee from Compliance Consultant stepped in and assured us we would have our application submitted on time. Suzanna was our direct contact and she worked tirelessly to ensure we met our deadline. Not only did we meet our deadline, but our completed application was submitted to the FCA, 1 week ahead of schedule. Both Lee and Suzanna took the time to communicate clearly the detail within each section of the application. They went above and beyond and felt more like friends by the end of the process. I would highly recommend Compliance Consultant both in terms of professionalism and value for money. We look forward to working with Compliance Consultant in the future.
Grant Townshend
Grant Townshend
2022-01-10
We approached Lee between Christmas & New Year about some compliance work we urgently needed completing for a newco setup. He communicated very clearly what we would need and why. Once instructed, he delivered this on time and cost effectively. Recommended.
Mohamed Yassin
Mohamed Yassin
2021-10-28
Outstanding job on every level. We are very pleased with their work. Done on time, done on budget and they know what they are doing. They handled everything with extreme professionalism and delivered our project in a timely manner. We couldn't be happier with the end outcomes, Lee and his team were extremely thorough, understanding and responsive throughout each stage of our contract. We look forward to working with them in the future on our project. Thank you, Lee and Compliance Consultant team.

WHAT IS A S166? 
SKILLED PERSONS REVIEW & REPORT (FSMA S.166)

A Skilled Persons Review (SPR) is one of the supervisory tools the regulators have at their disposal under Section 166 (S.166) of the Financial Services and Markets Act (2000).

There are several stages to the S166, as explained a little later A SPR is an independent review of a regulated firm, you could say a specialist audit and it usually focusing on specific issues where the regulator wishes to delve deeper into a firm’s activities.

The SPR may be used for diagnostic or monitoring purposes, to limit or reduce identified risks and for remedial action. In practice, a SPR tends to be commissioned when the regulator has concerns about a business or where a business has alerted the regulator about concerns itself.

The report will generally establish the extent of any problems and / or the degree of any customer detriment or remediation required.

The Process For A S166 is straightforward.

Simply, it follows;

1. S166 Requirement’s Notice: Select a ‘Skilled Person’ from the FCA Panel (Unless the FCA Appoint directly).
2. Arrange start of Skilled Person’s Review (SPR) – Preparation.
3. Have SPR conducted within your firm.
4. Constant communication with the ‘Skilled Person’.
5. Conduct close out meeting with ‘Skilled Person’ and consider points raised.
6. Await Provisional Report
7. Review provisional report & provide ‘Management Response’.
8. Receive ‘Risk Mitigation Program’ (RMP) or other remedial requirements from the FCA.
9. Consider timescales and negotiate extensions.
10. Commence RMP remedial work and provide complete process of acceptance.
11. Confirm methods of delivery and identify embedding methodology.
12. Deliver the specific requirements ahead of time and in expected format/protocol.
13. Obtain confirmation of the acceptance of remedial work.
14. Obtain removal from enforcement division.

All of these steps, and any interim directives and supplementary demands, need to be managed effectively and efficiently from YOUR PERSPECTIVE as well as have a detached view, away from the emotions that it creates.

THERE IS A SOLUTION
Relax … Compliance Consultant can assist with all of this by providing the complete, or partial service that you may not have the time, project experience, regulatory experience, or resource to conclude.

If you engage a large consultancy to assist you in the preparation and remedial work, you will end up, paying for a lot of bodies that do lots of apparent work, but cost a small fortune.
The Skilled Person will quote you on the Review and may, afterwards, quote for the RMP/Remedial work required and the costs can run into many £000’s per day.

Compliance Consultant can assist you in all of the areas – even in 3 (above), we can assist in the smooth flow of information to the ‘Skilled Person’ or their staff and assist in answering their queries, provide the right “go to” people etc, allowing you to get on with what you are good at.

At Compliance Consultant we provide all of the service with a reduced body-count and laser focused precision, using your people and our expertise to the best effect.

Call us on 020 7097 1434

or Email info@complianceconsultant.org

Gerry Neu
Gerry Neu
2023-06-15
Lee, in particular, but the whole team has excellent FCA experience and provide the context for solid advice. What stands out, especially, is the practical approach and the understanding of compliance within a commercial environment. Much appreciated assistance in an FCA application, but also policies and procedures and MLRO activity.
SRUTI SOURAV SARANGI
SRUTI SOURAV SARANGI
2023-02-21
Compliance Consultant had imparted two days intense training on key compliance subjects . With highly experienced trainer, excellent content and captivating sessions they delivered the best to our team. We are thankful to Compliance Consultant for their services.
Simon Dhillon
Simon Dhillon
2022-08-23
I worked with Compliance Consultant for 2 years and was involved in a variety of projects for various firms, both start-ups and established. Lee was a pleasure to work with and was very knowledgeable about all aspects of compliance, this provided reassurance that client work was carried out to a high standard. The team at Compliance Consultant worked very closely and was always on hand to provide assistance or advice on specialist areas for eg FCA Authorisations or Audits.
SMTAKS
SMTAKS
2022-08-15
In a high pressure situation, Compliance Consultant stepped in to help us further understand the requirements and completely changed the authorization documentation urgently needed.
Angela Young
Angela Young
2022-01-27
First class service in every way. Whilst applying for FCA authorisation the original compliance company we were working with let us down. Feeling despondent, Lee from Compliance Consultant stepped in and assured us we would have our application submitted on time. Suzanna was our direct contact and she worked tirelessly to ensure we met our deadline. Not only did we meet our deadline, but our completed application was submitted to the FCA, 1 week ahead of schedule. Both Lee and Suzanna took the time to communicate clearly the detail within each section of the application. They went above and beyond and felt more like friends by the end of the process. I would highly recommend Compliance Consultant both in terms of professionalism and value for money. We look forward to working with Compliance Consultant in the future.
Grant Townshend
Grant Townshend
2022-01-10
We approached Lee between Christmas & New Year about some compliance work we urgently needed completing for a newco setup. He communicated very clearly what we would need and why. Once instructed, he delivered this on time and cost effectively. Recommended.
Mohamed Yassin
Mohamed Yassin
2021-10-28
Outstanding job on every level. We are very pleased with their work. Done on time, done on budget and they know what they are doing. They handled everything with extreme professionalism and delivered our project in a timely manner. We couldn't be happier with the end outcomes, Lee and his team were extremely thorough, understanding and responsive throughout each stage of our contract. We look forward to working with them in the future on our project. Thank you, Lee and Compliance Consultant team.

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