How to establish a robust evidential trail and deliver fair value for assets under advice customers
The FCA’s new Appointed Representative (AR) regime was published on 3rd August 2022, announcing fundamental
18/04/24
Read more
Appointed Representatives regulatory support
The FCA’s new Appointed Representative (AR) regime was published on 3rd August 2022, announcing fundamental changes to the level of principal firms’ supervisory oversight.
The FCA’s new Appointed Representative (AR) regime was published on 3rd August 2022, announcing fundamental changes to the level of principal firms’ supervisory oversight.
What do principal firms need to do to comply with the new AR regime?
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.
Appointed Representatives regulatory support
Here is what we do:
- Impartial readiness assessment check – Our AR experts provide a specialist review of your AR onboarding due diligence and ongoing monitoring policies and procedures to assess if they satisfy each of your new obligations. Using a collaborative approach, we’ll work with you to identify any areas of concern and highlight any improvements that could be made to unlock new efficiencies along the way. We can also help you ensure that procedures in practice are being followed. Download our AR Readiness Assessment guide to learn how TCC can provide impartial expertise and assurance for your board.
- AR Annual Reviews and Self-Assessments – As part of the new rules, principals need to complete an annual assessment for each AR, including suitability and oversight. Boards at principal firms have to self-assess the effectiveness of the firm’s AR network. We offer an impartial annual review of principals firms’ processes for undertaking both of these assessments and provide advice to ensure they meet FCA expectations.
- Implementation support – Our team of experts are ready to assist with putting any recommended changes into effect, whether these are compliance artefacts and/or tech-enabled compliance solutions.
How we do it better
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.
Hands-on expertise
Our experts have decades of cumulative experience working with AR regulations, giving them first-hand knowledge of what a truly robust compliance strategy looks like.
Culture focus
Developing a healthy company culture is crucial to mitigating risk over the long term – that’s why our recommendations are designed to embed best practice within your workflows.
Efficiency driven
We understand how much precious time, budget and resources ensuring compliance can take up. And so, if there’s a better, quicker and less expensive way to get the job done, we’ll find it.
Connect with us
Get all the help you need to make your AR strategy fit for the future – speak to our regulatory specialists today.