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Capco sets up skilled persons report service

Financial services consultancy firm Capco has launched a skilled persons report service for firms that have been ordered to conduct an s166 review.

Under the Financial Services and Markets Act, the FSA can force a firm to appoint a skilled person to carry out a section 166 or skilled persons report.

It checks for weaknesses and failings in a firm’s practices and looks at areas such as compliance, fraud, products and capital adequacy. It must be carried out by an independent third party which then reports to the FSA.

In March, the FSA revealed plans to force around 140 firms to hire a company to conduct an s166 report during 2011/12. In 2009/10, the FSA ordered 88 s166 reports, costing firms a total of £24.8m.

Baronworth Investment Services director Colin Jackson says: “If a firm is ordered to carry out a skilled persons report, it must make sure that whoever it brings in meets the regulator’s requirements. Firms need to carefully vet third parties before they are used.”


Bestinvest appoints head of investment management

Bestinvest has appointed Gareth Lewis as head of investment management. Lewis spent the last eight years at UBS as the UK chief investment officer and latterly head of investment management. Mike Neumann, will take on a new role within Bestinvest as director of investment management.

Aviva Investors aims to promote sustainable investments

Aviva Investors has commissioned a report which proposes environmentally hostile activities result in higher insurance premiums for companies. Forum for the Future this week launched the ’Sustainable economy in 2040; a roadmap for capital markets’ report, which calls for the prioritisation of environmentally sustainable investments. The report outlines a series of actions, including issuing penalties […]


Bank shares hit as FTSE 100 falls over 2%

The FTSE 100 has fallen over 2 per cent in early trades with banking shares taking a hit after the Independent Commission on Banking was published. At 8.46am, the FTSE 100 was down 2.36 per cent to stand at 5091.69, with Royal Bank of Scotland, Lloyds Banking Group and Barclays all having their share prices […]


Worst-hit funds fell by a quarter amid volatility

Standard Life’s £40m UK equity recovery fund has been the worst-performing fund across the IMA sectors over the last three months, according to data from Morningstar. Recent volatility in the markets has affected the short-term performance of a number of funds. Financials have been badly affected through the equity sell-off of the past few weeks, […]


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  1. The skilled person industry is as leech-worthy as the ambulance chasing industry. Appointed by statute and as enthusiastic for an early conclusion as Alex Ferguson with his side 1-0 down.

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