Broker hit for £250,000 – FOI reveals insurance sector’s S166 bill
A Freedom of Information request by Insurance Age has revealed the amount spent by a broker, and insurers, on Financial Conduct Authority-mandated skilled persons reviews that completed in 2025/26.
Only one S166 investigation into an insurance intermediary ended in the financial year, meaning just a single firm picked up the tab.
The total bill for the probe – which may have stretched over many years – came in at £257,940.
An S166 is issued when the FCA is worried about aspects of a regulated firm’s activities or wants further analysis (see box, right). In essence, it gets a view from a third party, known as a ‘skilled person’.
S166sUnder the powers granted by the Financial Services and
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