New rules to improve the Appointed Representatives (AR) regime will take effect on 8 December 2022. As part of improved reporting requirements, the Financial Conduct Authority (FCA) will send principal firms a Section 165 data request in December.
Firms will have 60 days to respond and provide the following information about ARs:
- reasons for any appointments
- nature of regulated business
- whether they conduct any unregulated business
- anticipated revenue
- nature of financial arrangements between principal and AR
- complaints information and whether the AR is part of a group.
See Section 2.81 of the FCA’s Policy Statement for a summary.
The FCA will be joining the BVRLA for an exclusive webinar on Consumer Duty, taking place on Tuesday 15 November at 3pm. Richard Wilson, who manages the FCA’s Consumer Duty Policy team, will join BVRLA Director of Legal and Membership Shashi Maharaj, taking the shape of a Q&A. Sign up for the free webinar now.
