FCA - Appointed Representatives

The FCA proposes stronger oversight of appointed representatives and changes to the Appointed Representatives (AR) regime. In parallel, HM Treasury (HMT) has published a Call for Evidence on possible legislative reforms to the AR regime. This presents wide-ranging changes that have the potential to seriously impact the way that AR arrangements operate, and the burdens placed on Principals in particular.

 Now that its consultation is closed, the FCA expects to publish feedback on the responses and issue a policy statement once the comments have been reviewed; transitional periods are expected to apply for certain proposed rules, including for example the provision of revenue data by existing ARs and the inclusion of termination provisions in existing Principal-AR contracts. HMT has not set out an expected date for feedback and final policy.

Download our white paper below to find out what is being proposed, where the new rules will and will not apply, what the expectations and responsibilities of Principals are and what firms will need to do to ensure they are fully in line with the new rules.  

Auxillias has been supporting lenders and Appointed Representatives by setting up their commercial contracts and reviewing policies to ensure that they meet the requirements on the management of the appointed representatives. With the changes being proposed we can help to review your contracts, bring your policies and procedures in line with the new standard as set by the FCA to ensure that you are fully compliant, and also provide training to your staff so as to ensure relevant oversight is being undertaken. More importantly, we can advise on what these changes mean for you whether you are a Principal or an AR and help you ensure that all the changes proposed in the new rules are implemented into your business where relevant.