Skilled Persons Reports/Section 166 Work

The FCA has been using the CASS Section tool (s166) far more regularly in recent years. For the firm on the receiving end, it is highly intrusive, expensive, time consuming and disruptive for the business. Should a firm find themselves in the position of having a s166 issued against them, we have the staff who are able to carry out such a review in a competent, pragmatic and resourceful way. The FCA expects it to be the individual who is suitably competent to carry out the review, but they need the support of other like minded people within their firm.

Each s166 project is different and therefore requires experienced and qualified persons to assist you – we do not consider these projects to be run of the mill. They are far too serious for that.

We therefore ensure that the person managing the project has access to the experience of the whole of our team to ensure costs are minimised and the work completed to time and on budget.

We have seen many occasions of junior staff elsewhere being used to undertake these projects, resulting in the project taking too long, being badly run and therefore ultimately much more expensive than originally quoted.

Be aware that once you have appointed the Skilled Person, it is almost impossible to remove them. Be sure to select the best qualified firm, which may not be the most economical initial quote received. It is the firm that appoints the Skilled Person so you do have a choice – ensure that you choose a firm where the staff have real practical experience of your business, not a theoretical experience.

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