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On The Panel – Deloitte UK
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.
“Our vision? To make a positive impact on the reputation and success of our clients, the economy and the wider society.
It’s a vision that has spanned our 160-year history. In 1849, William Deloitte invented a rigorous system to protect investors in the expanding Great Western Railway network against fraud. Such was its success that the company’s shareholders recommended the practice of external auditors be adopted into law. And so both the independent audit, and Deloitte as a firm, were born.
That innovative mind-set of William Deloitte lives on in our firm today, as we push the boundaries of our work in consulting and corporate finance advisory. By harnessing the power of technology, our people are responding to the ever evolving needs and challenges of clients and society. From the outset, our values of quality and integrity have never wavered. We seek to drive higher standards of governance and transparency through our audit and tax practices, bringing confidence to the key decisions of business and government alike.
At Deloitte, we create unrivalled opportunities for our people to build successful careers that meet their aspirations as well as deliver for our clients. We nurture the talent of the future – volunteering in schools and mentoring promising entrepreneurs, helping grow business leaders who can have a wide impact on UK plc.
It is through all this and more that we can realise our vision of supporting client success, fostering sustainable economic growth and a more prosperous society.”
Reference S166 & S166a
“How can these issues affect your organisation?
It’s crucial that you respond to a s166 Requirement Notice in a timely manner and that you liaise appropriately with the FCA during the course of the process. If your organisation doesn’t do this, your relationship with the FCA could be adversely affected. It’s important to get it right, because the Report and recommendations provided by the Skilled Person will also help the FCA to determine:
FCA supervision going forward.
Whether enforcement action should be taken against a firm or individuals.
Whether a post s166 review should be conducted to ensure any improvements / recommendations have been implemented.
How can we help?
The Deloitte team has experience of conducting s166 Reports in the financial services sector. That means we’re ideally placed to assist clients as they work with their legal advisers. We will liaise with the FCA to make sure that the work is performed to the highest standard and that it provides clear, tailored recommendations.”