Association of Professional Compliance Consultants

Member login

.

03 Aug FCA confirms new rules to improve oversight of Appointed Representatives

Posted at 14:06h in FCA Communications, News Stories by

FCA confirms new rules to improve oversight of Appointed Representatives

 

Today we’ve published new rules to make authorised financial firms more responsible for their appointed representatives (ARs). The changes will help prevent consumers being mis-sold or mis-led by ARs and protect market integrity.

 

ARs can bring innovation and choice, but poor oversight from principals can put consumers at risk. We want principals to do a better job of overseeing the ARs they appoint, and to provide us with more regular data to help us identify and tackle harm earlier. As part of our enhanced reporting requirements, principal firms should expect to receive a Section 165 data request from us later in the year.         

                                                                                                                                     

The changes will take effect on 8 December 2022 – principals should read our updated rules and expectations and take any necessary steps to be ready to comply.

 

For more information, please see our press release and policy statement.