FCA and PRA Skilled Person Reviews (s166)

Under Section 166 of the Financial Services and Markets Act 2000, the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have powers to require firms to commission Skilled Person Reviews into a particular issue or business area.

A&O Consulting is a member of the FCA and the PRA’s Skilled Person Panels for:

• Governance, accountability, strategy and culture
• Controls and risk management frameworks
• Conduct of business

The A&O Consulting team is comprised of former senior UK regulators and senior financial services industry professionals. We have extensive experience in independent regulatory reviews across the areas of governance, individual accountability, culture, risk management and control and conduct of business.

We have worked on s166 reviews both in-house within regulated firms and as regulators. We understand both perspectives and how best to navigate the Skilled Person process for firms, while ensuring that it meets regulatory requirements and expectations. 

Appointed Skilled Person

If the FCA or the PRA has asked you to appoint a firm to undertake a s166 review, we can act as the Skilled Person, across any of our areas of expertise. Contact us about managing your s166 review.

Support through an s166 review

We also support firms throughout the lifecycle of a s166 review. This can include providing strategic advice on engagement with the regulator and Skilled Person, giving project management advice on the scope of a review to optimise effectiveness and efficiency, assisting you to gather materials and draft information requests or undertake remediation.

Across both options, we leverage our experience and expertise as former senior regulators and ‘in-house’ professionals within regulated firms, delivering practical and sustainable solutions and advice designed specifically for your business.

Independent Third-Party reviews

In addition to s166 reviews, we are also experienced and well-regarded in the undertaking of Independent Third-Party reviews outside of the UK – including in Australia where we have undertaken a range of Independent Expert reviews and compliance audits on behalf of key regulators such as APRA and ASIC.

If you would like to learn more about how we can work with you, please get in touch with our consultants.