Under S166 of the Financial Services and Markets Act 2000, the FCA has the power to instruct a regulated firm to submit to an investigation and report by a “Skilled Person” on specified matters related to a firm’s compliance with regulatory requirements. Skilled Persons are firms with the required knowledge, skills, experience and expertise to investigate the firm and to prepare a Skilled Person’s Report on the regulatory matters of concern to the FCA. The FCA maintains an approved Skilled Person Panel divided into twelve different regulatory areas. The Skilled Person Panel is made up of specialist consulting firms that have passed a rigorous evaluation process by the FCA. It is not mandatory for a firm to seek to use a Skilled Person listed on the Skilled Persons panel. The Association of Professional Compliance Consultants (APCC) also maintains a separate list of firms vetted by APCC known as the Additional Skilled Persons Suppliers list. 

Complyport is listed on the FCA’s Skilled Person Panel and on the APCC Additional Skilled Persons Suppliers list which between them cover the following eight categories/Lots:  

• Client Assets
• Governance, Accountability, Strategy and Culture
• Controls and Risk Management Frameworks
• Conduct of Business
• Financial Crime
• Prudential – Adequate Financial Resources for FCA solo-regulated firms
• Technology and Information Management

Complyport has a proven track record of successfully handling numerous Section166 assignments covering a wide range of areas such as financial crime, governance, client assets, prudential matters, senior management controls, conduct of business and risk management frameworks.  

We have deep expertise in areas such as, Conduct of Business (COBS), Threshold Conditions (COND), Systems and Controls (SYSC), the Senior Management and Certification Regime (SM&CR), Markets in Financial Instruments Regulation (MiFIR), Market Abuse Regulations (MAR), Client Assets and Client Money (CASS), Financial Resources and Capital Adequacy, the UK legal and regulatory requirements regarding AML and CTF and the Supervision sourcebook (SUP). We understand the importance of robust management and conduct risk controls within regulated firms. 

Over the years, our team has carried out regulatory compliance and financial crime reviews for a wide variety of client firms in the retail and wholesale markets including but not limited to: 

• investment advice and management 
• insurance distribution 
• mortgage broking and lending 
• prime brokerage 
• broker-dealers 
• fund administration 
• fund management 
• pension schemes 
• custodial services 
• payment services and digital asset providers 
• lending and consumer credit 
• Principals and their Appointed Representatives (ARs).