Firms issued with a s166 Requirement Notice need to select one of the available providers from the published panel to carry out the Skilled Persons review.

As from 1 April 2017, Bovill was appointed to the Skilled Person Panel in the following areas:

• Client assets
• Governance and individual accountability
• Conduct of business
• Financial crime
• Prudential (credit, market, pension and liquidity risk within investment firms, intermediaries and Recognised Investment Exchanges).

Under section 166 of FSMA (s166), the regulator has the power to require a firm to appoint a Skilled Person to produce a report on specified matters. For example, a review of past business in a particular area or sales of a particular product; a review of a firm’s compliance with the client money and asset rules; or a review of a firm’s systems and controls. Firms issued with a s166 Requirement Notice can only select one of the available providers from the published panel to carry out the review.