Regulatory Interpretations & Remediation
The FTI Consulting Insurance & Investment Management group provides an objective interpretation of regulations and their myriad changes to help clients understand what is required to achieve and maintain compliance.
Our interpretations take into account the forward-looking, judgment-based and outcome-focused nature of regulations as UK and US regulators seek to harmonise regulations across regimes. This by necessity includes a focus on governance and conduct, with quality of customer outcomes as a prime objective.
Clients call on us in moments of crisis – responding to regulatory information requests; preparing for a regulatory visit or when, for example, a UK s.166 Skilled Person Review is required.
There are two types of Skilled Person Review under the UK Financial Services and Markets Act (FSMA), which gives the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) the power to commission reviews by Skilled Persons. FTI Consulting has been appointed to both the FCA and the PRA Skilled Person Panels for seven areas of expertise, including Prudential – Insurance; and Prudential - Investment Firms and Recognised Investment Exchanges.
We are also able to work with clients to prepare for a Skilled Person Review carried out by other Panel members in order to proactively manage the process, to anticipate weaknesses and put remediation programmes in place ahead of regulatory requirements.
In other remediation situations, our team is able to draw on experts with experience and expertise in the specific UK or US regulatory matter, such as:
- Stress test failures
- Inadequate capital planning or liquidity deficiencies
- Deficiencies in risk management governance, including board issues
- Insufficient evidence of a "risk culture"
- Misalignment of compensation and risk taking
- Restructuring or divestiture requirements
Senior Managing Director, Co-Leader of Insurance Services
Senior Managing Director