News Details

16 Aug, 2012

Changes to S166 Skilled Persons Reviews

Historically, a Firm that is in trouble may be been required to obtain a Skilled Persons report under s166 of FSMA to satisfy the FSA that issues have been addressed correctly. Firms have been able to put the work out to tender and normally three such tenders would be disclosed to the FSA by the Firm.  The FSA and the Firm would then agree on which of the tenders had been successful. Typical rates for such s166 reviews are between £15 - 50,000+

This new approach will speed things up but may have the side affect of incurring prohibitive costs to the regulated Firm if only the select few are always chosen.

This may also mean that a Conflict of Interest may arise whereby Compliance Consultancies that normally work for the Regulated are now working for the Regulator. 

To avoid any such Conflict of Interest we will not be putting ourselves forward to be considered to undertake S166 Skilled Persons reports.  

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