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.