Sectioned

A fast-growing number of financial institutions – including some well-known names – have paid for external investigations instigated by the Financial Services Authority into their operations. Section 166 reports have become part of normal regulatory supervision in the post-crisis climate but, as Esther Martin reports, there are concerns about aspects of their use.

If you are at a large financial services firm and haven’t been requested by the Financial Services Authority to pay an external expert to report on an aspect of your compliance this year, there’s a good chance you might be within the next few years.