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What Is A FSMA S166 – Video

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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.
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

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