The Financial Conduct Authority (FCA) is reminding members to complete the S165 data collection on Appointed Representatives (AR) before 28 February 2023. The FCA is warning that failure to do so could result in enforcement action being taken.
Firms that are yet to submit their data are due to receive reminders from the FCA in the coming weeks. A number of common errors have been picked up by the FCA when reviewing data submitted up to now:
- Firms failing to submit details for all of their ARs
- Firms submitting the wrong FRN for their ARs
- Submitting their own FRN as that of the AR
- Noting the FRN of a different AR in the submission
- Using an old FRN of an AR (for example if the AR used to be directly authorised and then became an AR, and acquired a new FRN in the process)
Firms can double check their AR population details against the Financial Services Register.
Members required to complete the S165 data collection are encouraged to review the common errors above and ensure they submit accurate data within the FCA’s deadline.
