Industry focus

FCA Skilled Persons Report – Section 166’s within the Insurance Sector

There have been changes to how a regulated organisation can appoint a firm to support it in responding to an FCA  Skilled Persons Report  – Section 166 report.

If the FCA requires a regulated organisation to investigate an issue then the regulated organisation is able to appoint a firm itself, with agreement from the FCA.  Apex Business Consulting is working as part of a consortium led by RSM Tenon to help organisations respond to S166 in a compliant and cost effective manner.

With our consortium partners we are able to deliver consulting expertise across Governance, Controls and Risk Management frameworks, Conduct of Business and Data and IT Infrastructure effectively and efficiently.  We have deliberately focused on areas where we have deep experience and expertise and can add the most value.  As well as consulting experience many of us have industry backgrounds with a practical understanding of the issues firms face and many years experience of implementing regulatory change

In the case of Skilled Person reports our collected experience and insights gained over many years in both retail and wholesale markets, together with a collaborative but principled style, will enable us to improve the regulatory standards of the firms concerned.  We will adapt our approach to a subject firm’s culture as required, – whilst remaining independent, clear on the requirements and maintaining firmness of purpose.

We will take into account the key considerations and current priorities of the investigated organisation, apply systematic and diligent assignment planning , to make best use of the skilled and experienced resources at our disposal, ensure regular and effective communications with the organisation, whilst managing the risks and challenges of the work.

As from 1 April 2013, RSM Tenon was appointed to the Skilled Person Panel in the following areas:

  • Governance, Controls and Risk Management frameworks
  • Conduct of Business
  • Data and IT Infrastructure

Please click the FCA and PRA websites to see the Panel in full.

To find out more about our approach and how we can help you, please don’t hesitate to get in touch on +44 (0) 20 7877 0021 or send us a message