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Appointed Representatives regime set for major reform to curb “wide range of harm”

Compliance Monitor

Appointed Representatives regime set for major reform to curb “wide range of harm”

Firms that act as principals through Appointed Representatives (ARs) areexpected to be required to provide more information about the ARs as well as toimprove their due diligence and control of these entities. The FCA is consultingon the changes, having found evidence of “a wide range of harmacross all the sectors”. Principal-AR arrangements account for 83 percent of home finance payouts from the Financial Services Compensation Schemeand for 61 per cent of all of its payouts.

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