In 2008/2009 there were 56 Section 166 Reports completed costing a total of £12,800,000. Compare this to 2005/2006 when 17 reports were completed at a total cost of £3,700,000 and you will see the average case has escalated in cost, mainly due to the big consultancies charging into the area with their large teams of analysts and managers.
In 2008/2009 the largest single cost case totalled £2,400,000 which leaves the average of the other 55 cases being over £189,000 each. The good news is the cheapest cost was for a one man band at £3,000.
The areas covered in the latest year’s S166 reports were Client Money, Corporate Governance, Past Business Reviews, TCF, Systems and Controls, Capital adequacy, Regulatory Reporting and Market Abuse.
The FSA are increasingly using this tool and you could be spending more money than you need to. Call CEI for a quote on 07092 289901 or visit www.s166.co.uk for more information. CEI – Providing Regulatory Help When You Need It.
