Our experienced professionals are here to help you successfully navigate complex s166 Reviews, providing practical solutions and expert support where it’s needed most, ensuring smooth regulatory compliance and prioritising minimal business disruption throughout the entire Review process.
s166 Skilled Person Reviews
with Novatus Global
Navigating FCA s166 Reviews: Expert assessments, strategic guidance, and effective remediation to ensure compliance and business resilience.
Trust Novatus to support your business when facing a FCA s166.
Where the FCA has concerns about a firm it supervises, it may invoke s166 of the Financial Services and Markets Act 2000 (“FSMA”) to require an independent review by a “skilled person.” These challenging reviews bring a firm’s approach to regulatory compliance under scrutiny – the experienced Novatus team can support you in navigating your s166.
Novatus can support by:
Acting as the skilled person carrying out the Review
Working to guide your firm through the Review
Provide timely support to remediate any findings
The key to our approach is offering tailored, practical, proportionate advice to ensure that you satisfy the FCA’s concerns in the most efficient and cost-effective manner. Our experienced team have supported numerous firms through the s166 skilled person Review process across financial crime, governance, conduct and culture, and risk management frameworks.
We have deep understanding of the nuances, logistics and strategy around these Reviews, having acted as the skilled person as well as supporting firms in understanding, managing, and delivering recommendations arising from the assessment.
Our credentials have been recognised through the admission to the Additional skilled person Supplier List (“ASPS”) developed by the Association of Professional Compliance Consultants’ (“APCC”). This list includes vetted regulatory compliance specialists who have the appropriate knowledge, skills and expertise to deliver s166 skilled person Reviews, complementary to the FCA’s Panel.
Firms benefit from our expertise, ensuring the process is as minimally disruptive to the business as possible and aiding in a positive outcome.
Why Novatus Global?
- Experienced across a range of financial services firms, driving a clear view of what good looks like.
- Commercially minded, understanding the cost implications this exercise can have on a firm.
- Costing appropriate to the size and scale of the programme of work.
- Committed to taking a risk-based approach appropriate to each firm’s business and operating models.
- Deep understanding of regulatory expectations and market practices, ensuring that recommendations will enhance your business and avoid further scrutiny.
- Our experience in supporting/handling communications with either the regulator or third parties can minimise reputational harm.
- Extensive experience working with professionals facing s166 Reviews, providing tailored and dedicated support to drive the right outcome for the firm.
Novatus can support with Reviews across the following lots:
B
Governance, Accountability, Strategy and Culture
C
Controls and Risk Management Frameworks
D
Conduct of Business
E
Financial Crime
H
Prudential – Adequate Financial Resources for FCA solo-regulated firms
Next Steps
Firms anticipating s166 action should understand the importance of getting this Review right – neglecting to do so can result in the failure of the business. Novatus will partner, in whichever capacity as is appropriate, to support and guide firms through the s166 exercise in a manner which is tailored, proportionate and effective.
Contact us to understand more about the s166 skilled person process and how Novatus can support.
Book a Consultation
Understanding s166 skilled person Reviews
A s166 skilled person Review serves as a powerful supervisory tool to assess a regulated financial services firm’s compliance with their legal and regulatory obligations. When the Financial Conduct Authority (“FCA”) has concerns about the efficacy of a firm’s systems and controls, it can invoke s166 of the Financial Services and Markets Act 2000 (“FSMA”) to require an independent review by a “skilled person.”
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The skilled person Process
While each s166 has its own set of circumstances and details, the process broadly plays out in the following way:
1: Acting as the skilled person
2: Support in Navigating a s166
3: Remediation
Join the many firms who have strengthened their compliance with our expert solutions.
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