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New FCA rules to improve the Appointed Representatives regime

Earlier this month the FCA published Policy Statement PS22/11 setting out new rules aimed at improving the Appointed Representatives (AR) regime in order to enhance consumer protection and help protect markets. Where harm occurs the regulator states it is often because principals do not do adequate due diligence before appointing an AR, and/or due to poor ongoing control and oversight.

Following feedback to an earlier Appointed Representatives consultation paper (CP21/34) the regulator made some changes to the proposed rules before finalising the new policy. The new rules will come into effect on 8th December 2022 following a four month implementation period.

Key changes include improved reporting requirements, whereby principals will be expected to provide further information on their Appointed Representatives, and the regulator clarifying responsibilities and expectations of the principals.

PS22/11 will affect all firms that currently have ARs or intend to have ARs in the future.


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