Regulatory Alerts2021-12-01
Added · Updated
Improvements to the Appointed Representatives regime
The Financial Conduct Authority implements final rules requiring principals to notify appointments of new Appointed Representatives (ARs) 30 calendar days in advance and submit data on existing ARs within 60 days via a Section 165 request. Principals must annually report AR complaints and revenue information within 60 business days of their accounting reference date, using specified revenue bands for regulated and non-regulated activities. The rules mandate annual reviews of AR activities and senior management, alongside a governing body-approved self-assessment document detailing compliance with principal responsibilities. These changes affect approximately 3,400 principal firms and 37,000 ARs, taking effect on 8 December 2022.