Financial Crime

What is a S166 and a Skilled Person Review?

A skilled person review is commissioned by the FCA and is when the FCA wishes to conduct an independent review of any aspect of a regulated firm’s activities, policies, procedures, systems and/or controls.

It is essential you select the right partner in preparing for the Skilled Person Review as it will determine the remedial action that the FCA requires, your future relationship with the regulator and whether any enforcement action will take place. You may consider sourcing a supplier listed on the regulator’s Skilled Person Panel, however, this is not a requirement and you may nominate any suitable supplier to the FCA for consideration and approval.

Preparation is key when getting ready for the Skilled Person visit. Are you sure you’re ready?

Firms who receive a S166 notice can engage us to help them identify any significant issues and rectify these issues prior to the Skilled Person Review.

We can support your firm pre or post Skilled Person Review. Pre-review, we can provide a preparatory review and provide a report of priorities for remediation which can be included in a remediation plan by the firm. Post-review, we can assist in the practical implementation of the actions and recommendations for improvement.

Find out what to expect from a S166 review, and ensure you are fully prepared, contact us today for a free confidential consultation with our Director Philip Creed.

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