UK firms overreacting to FSA ‘166’ requests

chris-brennan-barlow-2010

LONDON – UK firms should not overreact to Section 166 requests resulting from Financial Services Authority (FSA) Arrow inspections, according to financial crime and compliance experts speaking at the International Derivatives Expo event in London.

If an Arrow inspection reveals serious governance or compliance failings, the FSA can write to the firm requiring a “skilled person report under Section 166 of FSMA [ the Financial Services and Markets Act 2000] to review the policies, procedures and

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