Skilled Persons Reports

Skilled Persons Reports & Past Business Reviews

When the FSA require an independent assessment of a regulated firm, they may invoke their powers under Section 166 of the Financial Services and Markets Act (FSMA 2000) to require the firm to appoint a Skilled Person to carry out the review and provide a written report to the FSA. We can provide such a report and have acted for a number of firms in this capacity.

Past Business Reviews may be required by the FSA when a firm, or individual adviser, has potentially placed clients at risk, usually over a prolonged period. Often the FSA will require appropriate recompense to be offered to consumers who may have received inappropriate advice and / or have been placed in a worse financial position that they may otherwise have been

We will work with you, within the remit required by the FSA, to ascertain if:

The sale passed the regulatory requirements in place at the time of advice? We can assist with an objective assessment of compliance.
There has been a loss suffered by the consumer? We will help to calculate the actual loss likely to be been suffered.
You are able to show that the consumer would have acted in the same way irrespective of the advice, and then there may be grounds to reduce or even eliminate the amount of any recompense payable. We can help investigate this potentially sensitive area.
Recompense is payable and in what form? We can advise on the most appropriate form of recompense where any is due.

Please contact us for a no obligation quotation and more information.

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