x
T
e
s
a
k
a
Section 166 Skilled Person Reviews
Section 166 Reviews, also known as Skilled Person Reviews, can be commissioned by the PRA or the FCA when a firm has failed to act in response to supervisory feedback. They can be expensive as firms have to pay the fees of the skilled person and the review consumes significant management time.
It is important for senior management to work with the skilled person and comply the requirement notice. A misstep can make the situation much worse, turning a remediation exercise into a senior management censure or even the inability to trade. Many firms therefore seek assistance from advisors on how to manage a skilled person review.
At Tesaka, our experts have experience in commissioning, conducting and remediation Section166 reviews for FCA and PRA regulated firms.
We can help you stay on the right side of the regulators and improve your relationship with them when the review has ended.
Firm-side Support – we can guide you through the process to ensure:
- – You are prepared for interviews;
- – Understand the skilled persons’ requests;
- – Provide the information they need; and
- – Take action as necessary to minimise the cost of the review.
Remediation Support – we can help you:
- – understand the remediation plan;
- – deliver to the right standard and expectations;
- – maintain a proportionate approach; and
- – get the maximum value from the process.
Interview preparation
Remediation advice
Regulator correspondence advice
Phone a friend service
Why choose Tesaka?
- Experience in Section 166 reviews
- Regulatory insight in uncertain territory
- Expert judgment in difficult decisions
- Cost management mindset