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Tougher Regime Dawns for Principals And Appointed Representatives

Where detriment occurs, the FCA considers it is often because principals do not perform adequate due diligence before appointing an AR, and from poor ongoing control and oversight.  (Source: HMT’s Call for Evidence on Appointed Representatives Regime)

The FCA has confirmed its updated approach to the Appointed Representatives Regime (the Regime) to support the objective of reducing harm to consumers.

Increased Reporting And Additional Requirements

We see increased reporting to the FCA and additional requirements upon Principal Firms.

The revised Regime aims to maintain its flexibility but ensure that Principal Firms are fulfilling their obligations. The ability to demonstrate effective oversight of Appointed Representatives is vital.

To read more, click here.

Priscilla Gaudoin, FICA, ACISI

Head of Client Regulation

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