Regulatory Supervision

Regulatory Supervision

As a regulated firm in the financial services sector in the UK, you like others in the sector may at some stage be the recipient of a regulatory notice from the FCA. Our team of experts are here to help alleviate your concerns.

We help firms who are the recipients of s 166 notices to undertake a preparatory review that meets the FCA’s requirements. As ex-regulators, we know what the FCA is looking for and prepare the client on what to expect in a Skilled Person Review.

s 166 notice – Skilled Person Review

It is essential you select the right partner in preparing for the Skilled Person Review as it will determine the remedial action that the FCA requires, your future relationship with the regulator and whether any enforcement action will take place. You may consider sourcing a supplier listed on the regulator’s Skilled Person Panel, however, this is not a requirement and you may nominate any suitable supplier to the FCA for consideration and approval.


Thematic reviews

The FCA use thematic reviews to supervise the firms they regulate. They form a significant part of their approach to supervision. Thematic reviews are used to assess a current or emerging risk regarding an issue such as ‘protecting client assets’ across a number of firms in the sector. It usually starts with desk based questionnaires and site visits. They ultimately lead to further investigation so it is always advisable to be as co-operative as possible from the outset of a thematic review.


s 165 – Information Request

Another tool commonly used by the FCA as part of their supervisory process is to request information pursuant to their powers under Section 165 of the Financial Services and Market Act.

The information request can be a pre-cursor to a more intrusive supervision process so it is essential that the firm presents accurate and reliable information in a timely fashion. The FCA will dictate the extent of the information required and the deadline for submission.


Preparation is key when it comes to these types of supervisory tools

Would you be ready to respond if subject to a supervisory request?

We can support your firm throughout a supervisory process providing insight and guidance to the senior management team. Contact us today for a free confidential consultation with one of our directors today.

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