FCA warns ARs should not be seen as easy route into regulation

Principals have ended relationships with over 1300 ARs

Jaskeet Briah
clock • 2 min read

The Financial Conduct Authority (FCA) has warned that becoming an appointed representative (AR) should not be viewed as an easy route into the regulatory perimeter.

In the regulator's latest update on its AR regime, published yesterday (28 September), the FCA detailed that it has often seen principal firms submitting applications without declaring their full regulatory history. Specifically, there has been frequent examples among "outlier firms with weak AR recruitment arrangements", the FCA noted, although its data suggests most firms do some checks. Issues that have been encountered with these outlier firms include applications being ‘partially' or ‘inadequately' completed, with references either not being asked for or not checked, and overlook...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

PFS turmoil continues as interim CEO Don MacIntyre exits

PFS turmoil continues as interim CEO Don MacIntyre exits

Organisation has been at loggerheads with CII

Jenna Brown
clock 05 November 2024 • 2 min read
Implications of the PRA's 2025 life insurance stress test

Implications of the PRA's 2025 life insurance stress test

A regulatory shift

Sheikh Yasir
clock 01 November 2024 • 4 min read
Industry reacts: Autumn Budget 2024

Industry reacts: Autumn Budget 2024

Missed opportunities for health

Cameron Roberts
clock 31 October 2024 • 5 min read