Sicsic FOI uncovers insurance firms’ £2.7m S166 bill
Insurers and insurance intermediaries paid a total of £2.7m for Financial Conduct Authority-commissioned skilled persons reviews in the financial year 2023/24, according to a Freedom of Information request by Sicsic Advisory.
According to the strategic regulatory and risk consultancy it is the first time the regulator has provided a breakdown between insurers and brokers, and the costs borne by firms in the insurance sector.
If 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’.
Skilled persons reviews can investigate a particular circumstance or topic, as well as into the firm more broadly if the FCA is not
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