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Appointed representatives and their principals: the FCA’s new regime
The Financial Conduct Authority (FCA) has implemented a new improved regime for the regulation of appointed representatives (ARs) and their principals. The FCA’s rules in the Supervision manual (SUP) of the FCA Handbook at SUP 12 have been amended accordingly. These new rules came into effect on 8 December 2022 following a four-month implementation period. In December 2022 exercising its powers under s 165 of the Financial Services and Markets Act 2000 (FSMA 2000) the FCA sent mandatory data requests to all principals asking them for more information on their ARs. The deadline for firms to respond was 28 February 2023.
What is an AR?
An “appointed representative” is defined in s 39 of FSMA 2000 as a person who is not authorised to carry out regulated activities and who enters into a contract with an...
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