Financial Crime

Remediation

As a regulated firm in the financial services sector, you like others in the sector may at some stage be the recipient of a S166 notice by a regulating body such as the FCA.

We help firms who are the recipients of S.166 notice to undertake a preparatory review that meets the FCA’s requirements. As ex-regulators, we know what the FCA is looking for and prepare the client on what to expect in a Skilled Person Review.

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.

We help firms prepare for the FCA review by opening communication lines with the FCA and developing an appropriate and agreed approach to the remediation project.

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

Firms who receive a S166 notice 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.