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On The Panel – The Consulting Consortium
In April 2013 (and for four years), alongside the creation of the FCA, FSMA Section 166 (known as s166 review, skilled persons report or SPR) was amended to allow regulatory bodies to directly appoint a skilled person of their choosing to go in to a firm, giving the FCA end to end control of the process and leading to the possibility of a huge bill for the company depending on who is chosen.
Compliance Consultant were appointed as Skilled Persons in 2012 and understand the process and often see the mistakes made by false beliefs of firms regarding the work involved. We specialise in working for you in project managing the process in as much or as little detail as you want. We can work on fixed fees if required.
At Compliance Consultant we offer the service of project managing the entire process for you from initial selection of a Skilled Person from the panel, using our experience (having white-labelled for many of the firms) and reputation of the firms from working in that arena. Some firms profess to be experienced in these areas with statements like “… have a number of FCA endorsed compliance experts” or “… our consultants work closely with the FCA” or even “… we have a panel of FCA qualified advisers“. These are typically recruitment agencies who dabble in compliance consultancy.
We provide FAQs for you HERE
In these posts we will introduce you to some of the leading panel firms that deal with S166 and S166a work – no hype, just their own words introducing themselves.
“The Consulting Consortium (TCC) has developed an excellent reputation for delivering specialist regulatory compliance services in response to FCA conduct risk and compliance issues across multiple sectors.
TCC is the largest independently owned compliance consultancy in the UK. Delivered by our expert compliance consultants, the core competencies of the business revolve around understanding FCA regulation and compliance in absolute detail as well as acknowledging the fine balance between regulatory risk and the commercial aspects of managing compliance risk in successful, profitable FCA regulated businesses.
TCC supports its clients in reviewing their current regulatory systems and controls whilst having an eye on the future to help them develop intelligent systems and processes to manage risk moving forward. Our broad service offering is delivered through projects, retained service delivery and compliance specific products.”
Reference S166 & S166a
“The Consulting Consortium is listed on the Skilled Persons Panel for S166 reviews commissioned by the Financial Conduct Authority and the Prudential Regulation Authority. Over the years we have built a solid reputation based on providing many firms with fair and accurate remediation and investigative work to satisfy the regulator.
It is necessary for firms to utilise the expertise of an independent third party to carry out the assessment. The requirement of a Section 166 report differs depending on the firm and the scope of the review but as outlined by the FCA, reviews may be ordered for the following reasons:
- For diagnostic purposes, to identify, assess and measure risks
- For monitoring purposes, to track the development of identified risks, wherever these arise
- In the context of preventative action, to limit or reduce identified risks and so prevent them from crystalising or increasing
- For remedial action, to respond to risks when they have crystalised
- Cost-Efficient Added Value
With Section 166 reports becoming an integral part of the regulator’s ongoing supervisory process we expect the requirement for reviews to become more frequent and in turn increase costs for firms. The firm must shoulder the full burden of these costs. It is therefore imperative that firms choose their third party partner carefully, focusing upon skills, experience and value.
Firms must assess whether their chosen review partner has the expertise, experience and the correct level of resource to carry out an effective review and most importantly provide remedial recommendations that are both proactively compliant and commercially viable.
TCC has completed a variety of S166 Skilled Persons Reports and our team of expert consultants deliver pragmatic and well-conceived reports that deliver value to all stakeholders. At TCC we ensure we are able to guide firms successfully and as painlessly as possible through this often difficult process.”