New topics could trigger section 166 reviews

At a conference for skilled person panels in November, the Financial Conduct Authority gave presentations on the Consumer Duty, ESG, as well as diversity and inclusion - indicating some areas that will receive regulatory scrutiny going forward. Neasa MacErlean examines the use of section 166 reviews in recent years and stresses that the compliance officer has a key role to play.

A few dozen firms are likely to find themselves the subject of a section 166 skilled person's report this year. For many of them this will represent a visit to the 'Last Chance Saloon', where their own actions will determine whether they either get referred to the FCA's Enforcement department or manage to climb back onto the straight and narrow. The response of the firm's compliance officer can make the difference between these outcomes.