FCA’s Appointed Representative regime and the regulatory focus on Principal firms
The FCA’s new Appointed Representative (AR) regime was published on 3rd August 2022, announcing fundamental
From 8th December 2022, principal firms will need to increase the amount of oversight they carry out on their ARs as part of the regulator’s initiative to mitigate potential harm to consumers and also collect more data on their ARs.
Businesses are expected to subject their ARs to the same amount of quality and consumer protection controls that they carry out on their own activities. Firms also need to regularly assess the risk posed by their ARs to customers and the market as a whole.
This step change in supervisory expectations means businesses will have to step up their review processes – and ensure their internal infrastructure, procedures and scrutiny methods can properly safeguard consumers from avoidable harm.
For many businesses, particularly those with multiple ARs, carrying out this strategic realignment in a matter of weeks can seem like a daunting task. Here at TCC, we have a team of AR experts on hand to help you understand your new FCA obligations and set you on the path to long-term compliance.
Here is what we do:
We truly understand that compliance isn’t just about pleasing the regulator. Our regulatory advice helps you put your customers’ interests first and unlock commercial benefits.
Get all the help you need to make your AR strategy fit for the future – speak to our regulatory specialists today.