Reference Case Number: FOI11636
Freedom of Information: Right to know request:
Please provide information on section 166 reviews and enforcement cases.
FCA response:
1. The number of S166 skilled person reviews commissioned for general insurance and protection firms in the 2023/24 financial year. Please confirm in which quarter these were commissioned.
As confirmed in the 2023/24 Annual Report and Accounts (Appendix 2), 8 reviews were commissioned for general insurance and protection firms, broken down as follows:
| Quarter | Number of Reviews |
|---|---|
| Quarter 1 | 1 |
| Quarter 2 | 4 |
| Quarter 3 | 3 |
| Quarter 4 | 0 |
2. Please explain any difference in how S166 reviews are recorded in your annual report and quarterly publications, which would explain the discrepancy between the 12 S166 reviews into general insurance and protection firms reported in quarterly data here https://www.fca.org.uk/about/how-we-regulate/supervision/skilled-persons-reviews compared with the 8 in the FCA’s annual report.
We state in our quarterly reporting that figures are subject to change. There are a number of reasons why we may adjust numbers for year-end reporting. For example, where a review has been commissioned and subsequently cancelled in the same reporting year, or if we later decide it is fairer to report reviews for a number of related firms (e.g. entities within the same group) as one review, rather than as separate reviews.
3. Of the S166 reviews commissioned in the latest financial year, please confirm how many were: a. Solo regulated firms with dedicated supervision b. Solo regulated firms with portfolio supervision c. Dual regulated firms with dedicated supervision d. Dual regulated firms with portfolio supervision
Please provide in the following format:
| Dedicated Supervision | Portfolio Supervision | |
|---|---|---|
| Intermediary (solo regulated firms) | 0 | 3 |
| Insurers (dual regulated firms | 2 | 3 |
4. Of the S166 reviews commissioned amongst general insurance and protection firms in the latest financial year, how many were conducted by firms appointed by the FCA, and how many were appointed by the firms under review? Please provide a breakdown of this information as follows:
| Regulated firm’s choice of skilled person firms (FCA approved) | Directly contracted by the FCA | |
|---|---|---|
| 2 | 1 |
| 2 | 3 |
| £783,540 | £1,929,979 |
Please note that some of the reviews above were still in progress at the end of 2023/24 (i.e. 31 March 2024). The costs above relate to work performed by the skilled person within the financial year 2023/24, in line with how we report costs in the Annual Report.
5. The number of enforcement investigations currently in progress in the general insurance and protection sector. Please provide a breakdown by: a. Number of firms b. Number of individuals
We currently have 6 investigations open, 2 into firms and 4 into individuals.
6. The number of enforcement investigations that have commenced in the general insurance and protection sector in the last 12 months. Please provide a breakdown by: a. Number of firms b. Number of individuals
No investigations in the general insurance and protection sector have been opened in the last 12 months.
7. The number of enforcement investigations in progress in relation to the Consumer Duty for each FCA sector. Please provide a breakdown by:
- Number of firm
- Number of individuals
Please provide this information in the following format:
We hold information relevant to your request, but we are unable to disclose it to you as we are of the view that making this information public at this stage would be likely to prejudice the exercise by the FCA of its regulatory functions under FSMA. The information is therefore exempt from disclosure under Section 31 (Law enforcement) of FOIA.