FCA gets tough with Appointed Representatives & Principals

FCA gets tough with Appointed Representatives & Principals

Increased reporting and better oversight require Principals and Appointed Representatives to sit up and take note.

Author: Ruleguard – ruleguard.com


In appointing an AR, a principal assumes full responsibility (including for any liabilities that might arise) for ensuring that the AR is fit and proper and complies with all relevant regulatory requirements.

(Source: HMT’s Call for Evidence on Appointed Representatives Regime).


The Appointed Representatives Regime (Regime) offers flexibility and contributes to competition in the FS sector.  Over the years, its use has extended beyond its original purpose posing greater risk and driving amendments to the Regime.


The UK Government and regulatory bodies want to see Principal firms taking greater care in how they fulfil their regulatory obligations.    The amended Regime will increase notifications and regulatory reporting.  Additionally, Principals must demonstrate more robust oversight of these relationships.


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