FSMA S166 LOTS – The Definitions

Skilled Person Panel Lot Descriptions

single_newspaper_18452The categories of Skilled Person Reports are referred to as Lots, and a summary of each Lot is provided below.

Please Note: Lots 1 and 2 relate to suppliers of consulting services outside of s166 and s166A so are not relevant here.

Lot 3: Client assets
Consultancy advice and expertise in client assets and client money. This lot may include client asset regulatory reporting and safeguarding measures.

We can help you reduce your exposure and limit your costs as we explain HERE.

This will include skills, experience and expertise in areas such as, but not limited to, Client Assets (CASS) and SUP 16 in the appropriate regulator’s Handbook, including governance and systems and controls arrangements associated with client assets, PSR and EMR.

Lot 4: Governance, Controls and Risk Management Frameworks
Consultancy advice and expertise in governance and culture, apportionment of responsibilities, control function effectiveness, systems and controls, risk management frameworks, conduct risk, legal risk, operational risk, UK Listing Authority rules, remuneration, business model and strategy analysis and assessment.

This will include skills, experience and expertise in areas such as, but not limited to, the follow sections of the appropriate regulator’s Handbook; SYSC, APER, FIT, UKLA, BIPRU, REC, and the requirements of other regulatory bodies such as EMIR, CPSS and IOSCO, PSR and EMR.

Lot 5: Conduct of Businessbusiness-person-fca-register-search-worried-consultants-remedial
Consultancy advice and expertise in assessing quality of advice, sales practices, complaints handling, conduct of business rules and guidance, Treating Customers Fairly, arrears management and retail conduct risks associated with each stage of the retail product life-cycle.

This will include skills, experience and expertise in a wide variety of product types and in areas such as, but not limited to, the follow sections of the appropriate regulator’s Handbook; COBS, ICOBS, MCOB, BCOBS, DISP, the requirements of other legislation such as PSR and EMR, and expertise in past business reviews.

We can help you reduce your exposure and limit your costs as we explain HERE.

Lot 6: Data and IT Infrastructure
Consultancy advice and expertise in IT governance, IT operations, IT regulatory compliance, information security, IT systems development and maintenance, IT incident and problem management, project management, business continuity and disaster recovery planning, data quality controls, IT infrastructure and governance of outsourced or offshore activities and regulatory reporting, PSR and EMR.

This will include skills, experience and expertise in areas such as, but not limited to, IT control frameworks, for example COBIT, ISO standards and ITIL, appropriate regulator’s Handbook rules pertaining to IT, outsourcing and regulatory reporting, including SYSC, BIPRU and SUP, programme management standards, for example PRINCE, IT security measures and standards, including configuration of IT infrastructure and standards such IPSEC, software development life cycles such as SSADM and RAD and technical knowledge of relevant IT infrastructure, systems and application software.

Lot 7: Financial Crime
Consultancy advice and expertise in financial crime, anti bribery and corruption, third party payments, market abuse, insider trading and anti-money laundering.

This will include skills, experience and expertise in areas such as, but not limited to, Market Conduct (MAR) in the appropriate regulator’s Handbook, relevant SYSC rules, the Joint Money Laundering Steering Group guidance and the Bribery Act 2010, PSR and EMR.

Lot 8: Prudential – Deposit takers and Recognised Clearing Houses
Consultancy advice and expertise in regulatory capital within deposit takers and recognised clearing houses, liquidity, recovery and resolution, credit risk, market risk, operational risk, regulatory reporting and accounting standards.

This will include skills, experience and expertise in areas such as, but not limited to, BIPRU and GENPRU in the appropriate regulator’s Handbook, Internal Ratings Based approach and modelling, recovery and resolution plans, International Accounting Standards and International Financial Reporting Standards, the capital and liquidity impact of mergers, acquisitions and transfers of business, and the requirements of other regulatory bodies such as EMIR, CPSS and IOSCO.

We can help you reduce your exposure and limit your costs as we explain HERE.

people-220284Lot 9: Prudential – Insurance

Consultancy advice and expertise in regulatory capital within insurance and other related entities, recovery and resolution, credit risk, market risk, operational risk, actuarial modelling and reserving, regulatory reporting and accounting standards.

This will include skills, experience and expertise in areas such as, but not limited to, INSPRU, IPRU(INS) and GENPRU in the appropriate regulator’s Handbook plus future capital regimes such as Solvency II), recovery and resolution plans, insurance reserving and actuarial modelling, International Accounting Standards and International Financial Reporting Standards and the capital and liquidity impact of mergers, acquisitions and transfers of business.

Lot 10: Prudential – Investment Firms, Intermediaries and Recognised Investment Exchanges
Consultancy advice and expertise in regulatory capital within investment firms and recognised investment exchanges, recovery and resolution, credit risk, market risk, operational risk, actuarial modelling and reserving, regulatory reporting and accounting standards.

This will include skills, experience and expertise in areas such as, but not limited to, BIPRU, MIPRU, UPRU, IPRU(INV), GENPRU and REC in the appropriate regulator’s Handbook, International Accounting Standards, International Financial Reporting Standards and UK Generally Accepted Accounting Practice.

We can help you reduce your exposure and limit your costs as we explain HERE.

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