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On The Panel – PWC
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.
“Who we are
PwC is founded on a culture of partnership with a strong commercial focus. This is reflected in our vision:
“One firm – a powerhouse of a commercial enterprise that does the right thing for our clients, our people and our communities.“
Our goal is to build the iconic professional services firm, always front of mind, because we aim to be the best. We set the standard and we drive the agenda for our profession.
A brief history of PwC
PricewaterhouseCoopers was created on 1 July 1998 by the merger of two firms – Price Waterhouse and Coopers & Lybrand – each with historical roots going back some 160 years. Set out below are some key milestones in the history of both firms.
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services.”
Reference S166 & S166a
“As from 1 April 2013, PwC was appointed to the Skilled Person Panel in each of the areas:
- Client assets
- Governance, Controls and Risk Management
- Conduct of Business
- Data and IT Infrastructure
- Financial Crime
- Prudential – Deposit takers and Recognised Clearing Houses
- Prudential – Insurance
- Prudential – Investment Firms, Intermediaries and Recognised Investment Exchanges
Further information is available on the Financial Conduct Authority, Prudential Regulatory Authority and Bank of England websites.”