Appointed Representative - PS22/11

The FCA recently set out the final rules for the Appointed Representative. This follows an FCA consultation earlier in the year on changes to protect consumers and to address harms across all the sectors where principals and appointed representatives operate. .

The changes will take effect on 8 December 2022. Principals should read the updated rules and expectations and take any necessary steps to be ready to comply. As part of the FCA enhanced reporting requirements, principal firms should expect to receive a request for data (this will be through a Section 165 request – being the FCA’s power to require information and documents from firms) about their appointed representatives later in 2022.

Download our white paper by filling in the form below to find out details on the rules, including:

• what is changing

• the implementation period

• what the expectations and responsibilities of Principals are

• notification, verification and reporting requirements

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. Please note that these changes are going to require contractual changes with ARs as well as policy, procedural and due-diligence monitoring changes.

 With the changes being proposed we can help to you to amend your contracts, bring your policies and procedures in line with the new standard as set by the FCA, as well as implement the due-diligence requirements 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.