Dealing with a Section 166 review


Section 166 of the UK Financial Services and Markets Act 2000 is an increasingly popular tool for the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA – and before it the FSA). With costs of Section 166 reviews spiralling and the FCA and PRA now having powers to appoint skilled persons directly, managing these reviews effectively has become all the more important.

Under Section 166 powers, an independent skilled person may review aspects of a firm's activities that caus

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