New FCA S166 investigations into brokers drops to zero
The Financial Conduct Authority did not open any new S166 investigations into brokers in the first three months of the year, as the number issued across financial services hit a high of 27.
The watchdog confirmed that between January and March the general insurance and protection sector in which brokers sit was not slapped with any skilled person reports.
S166/s166aIf the FCA is concerned about aspects of a regulated firm’s activities or wants further analysis, it can get a view from a third party, known as a ‘skilled person’.
This power is granted under the Financial Services and Markets Act. The watchdog can commission two types of skilled person review.
Under an S166, the
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