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Helm Godfrey in past business review over Ucis advice

Helm Godfrey has been ordered to conduct a past business review of Ucis sales carried out between 2007 and 2010 due to concerns about the advice given. 

The firm says a section 166 skilled person report is being prepared for the FCA. 

Helm Godfrey says it is talks with the individual adviser involved in the sales.

Chief executive Graham Cross says the firm has revised its procedures around Ucis advice. 

He says: “We deeply regret any lapse in standards of compliance with the rules about sales of Ucis. We have thoroughly revised our processes and systems in the three years since the issue became apparent and our due diligence is now among the most robust in the advisory marketplace.

”Helm Godfrey has an excellent record of looking after its clients and we are able and willing to make good any customer detriment that is identified. We believe the business is strongly placed to succeed in the post-RDR environment.”


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BDO: Number of S166s could hit 1,000 a year

The number of skilled persons reports ordered by the FCA could increase 10-fold to 1,000 a year, warns consultants BDO. Skilled persons reports, also known as section 166 reports, check for weaknesses or failings in a firm’s practices. The regulator orders these reports to be carried out where it has concerns, and firms have to […]


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There are 3 comments at the moment, we would love to hear your opinion too.

  1. Good grief! What hope for any of us? This firm is one of the most respected doyens in the industry, with some of the highest profile and best qualified personnel. I find it hard to believe they have anything to answer for. What next? Rob Reid being fined for pension failings? The world has truly gone mad.

  2. I quite agree with you on this one Harry !

    One thing I would like to know is ? what qualifications have the FCA staff determining this judgement of a 166 ? and if the FCA response is “none” that’s why we have ordered a 166 skilled persons report then it just highlights a very worrying and expensive outcome for all of us.

  3. I thought that S166 reports were confidential until fully investigated so what is the motivation for someone leaking this? Do they have it in for Helm Godfrey?

    Another paper called me up but would not name the source saying it was someone at Helm Godfrey but then Helm sent me a copy of their statement which is accurately reflected here.

    Seems like an abuse of process to me but lets wait for the completed report to see if it has any substance

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