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The Process For A S166 is straightforward. Simply it follows*;
- S166 Requirement’s Notice: Select a ‘Skilled Person’ from the FCA Panel (Unless the FCA Appoint directly).
- Arrange start of Skilled Person’s Review (SPR) – Preparation.
- Have SPR conducted within your firm.
- Constant communication with the ‘Skilled Person’.
- Conduct close out meeting with ‘Skilled Person’ and consider points raised.
- Await provisional report.
- Review provisional report, interpret the requirements & provide ‘Management Response’.
- Receive ‘Risk Mitigation Program’ (RMP) or other remedial requirements from the FCA.
- Consider timescales and negotiate extensions.
- Commence RMP remedial work and provide complete process of acceptance.
- Confirm methods of delivery and identify embedding methodology & evidence.
- Deliver the specific requirements ahead of time and in expected format/protocol.
- Obtain confirmation of the acceptance of remedial work.
- Obtain removal from enforcement division.
All of these steps, and any interim directives and supplementary demands, need to be managed effectively and efficiently from YOUR PERSPECTIVE. We can assist with all of this by providing the complete, or partial service that you may not have the time, project experience, regulatory experience, or resource to conclude.
If you engage a large consultancy to assist you in the preparation and remedial work, you will end up, (depending on areas required) paying for a lot of bodies that do lots of apparent work, but cost a small fortune.
The Skilled Person will quote you on the Review and may, afterwards, quote for the RMP/Remedial work required and the costs can run into many £000’s per day.
Typical “big 4/5” costs.
- Partner (usually 1) [£4,000 pd+]
- Senior Manager/s (up to 2 per ‘stream’ or area) [£3,000 pd+]
- Project Manager/s (typically 1 per area – if many areas then a program manager as well) [£2,000 pd+]
- Qualified consultants (typically 2-5 per area to be worked on) [£2,000 pd+]
- Unqualified consultant/s (usually post-grad students with little work experience and typically 2-8)[£1,200 pd+]
Compliance Consultant can assist you in all of the areas – even in 3 (above), we can assist in the smooth flow of information to the ‘Skilled Person’ or their staff and assist in answering their queries, provide the right “go to” people etc, allowing you to get on with what you are good at.
At Compliance Consultant we provide all of the service with a reduced body-count. Most of the work up to the RMP can be handled by one or two people** and the RMP work will depend on the extent of the review, but
Our typical costs are***;
- Owner/Director £1,400 pd
- Senior Consultant – Area Lead £1,100pd
- Junior Consultant (Contractors) £600pd
We can also offer fixed rate packages for
- Steps 1 & 2 Only
- Steps 1 to 5 Only
- Steps 1 to 9 Only
- Steps 10 to 12 Only, or
- Steps 10 to 14 Only
Prices are on admission subject to S166 situation.
Call us on 0207 097 1434 or email email@example.com