Capco, a global business and technology consultancy, has launched a comprehensive Section 166 (S166) service to support financial firms issued with an S166 notice from the Financial Services Authority (FSA).
A Section 166, or Skilled Person Report, is a regulatory tool used by the FSA and requires a financial institution to engage a third-party firm to conduct a review or analysis of a particular function or operation of the bank that is of concern to the FSA. S166s are becoming more widespread as the FSA extends its supervisory oversight in a continued effort to more closely supervise financial institutions.
Capco’s S166 review service delivers an S166 report for any area of a bank’s business including data quality, counterparty credit risk, retail credit processes, market risk, programme governance, quantitative models and operating model analysis.
Stephen Vinnicombe, partner, Capco said: “Capco is taking a fresh approach to S166 reviews. Our team of consultants understands exactly what the regulator is looking for based on their previous FSA work experience and have the deep financial services industry knowledge to deliver an objective analysis for any business area under review. Capco’s size and agility means we can respond quickly to a firm’s request for a skilled person at a highly competitive price point. In addition, our sole focus on the financial services industry rather than audit or tax means we remove any conflict of interest.”
Capco’s financial industry experts can also deliver remediation support for financial firms who have been through Section 166 reviews performed by other organisations.
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