Broker censured as FCA proposes fee rise to fund scrutiny of AR arrangements

By Neasa MacErlean

Onthe same day that the FCA has publicly censured an insurance broker for“inadequate and ineffective” oversight of its appointed representatives (ARs),the regulator has unveiled aproposal to charge principal firms in these arrangements an extra £250 infees for each AR it deals with. The extra sum — due to be confirmed in July —would enable the Financial Conduct Authority to carry out “greater engagementwith, and scrutiny of, firms as they appoint ARs”.