If the Financial Conduct Authority (FCA) and/or the Prudential Regulation Authority (PRA) have asked for a Section 166 Skilled Persons review to be carried out on an aspect of your organisation, we can help. 

Our expert advisers have undertaken Skilled Person reviews for wealth managers, banks, payment service providers, MIFIDPRU-designated firms and consumer credit firms.

The FCA or PRA can request an independent Skilled Persons review if they view your activities as cause for concern. Once nominated by the bodies, our experienced team will carry out an assessment and produce an unbiased report on what we’ve found. The PCA or PRA will use this document to decide:

  • the extent of the issues that have been investigated;
  • the level of any harm caused to customers and action needed to put this right;
  • whether the regulator will take enforcement action against the organisation in question; and
  • the degree of any future supervision the regulator feels is necessary.

While it is the FCA or PRA that makes the request, you may have some say in nominating the Skilled Person who will conduct the investigation and compile the report.

We have a proven track record of working with organisations, including the FCA and PRA, to produce independent, accurate and detailed reports that lead to the right outcome for everyone.

How we can help

Even if we’re not chosen as the Skilled Person, we can offer support as your trusted partner. We’ll help you prepare, manage and navigate the complex Section 166 review, and advise you as you work through any issues it highlights. We have extensive experience supporting firms under Section 166, voluntary requirements (VREQs) and enforcement.

If you have any questions about this complex area, please get in touch with Paul Jennings or Catherine Brittain.