The Financial Conduct Authority (FCA) has reported a 19% drop in in the number of appointed representative (AR) firms in almost three years following its intervention.
The regulator's annual report for 2022/23, published last week, found that there were about 35,000 ARs operating at the end of the period. This figure has dropped by 19% over time from 43,000 in 2020. The FCA said it has introduced changes through new rules and guidance to improve principals' oversight of their ARs and raised ARs' standards. While complaints for both 2021 and 2022 show an improved position for firms, ARs still generate more complaints than non-principal firms overall, the FCA said. Earlier this month, COVER spoke to protection advisers concerned they are facing ...
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