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Complying with rules on appointed representatives is not a tick-box approach, FCA says

( September 6, 2024, 12:31 GMT | Official Statement) -- MLex Summary: UK regulated firms subject to the rules on appointed representatives should not deal with them as if it was a “tick-box approach,” the Financial Conduct Authority has said today. Appointed representatives (ARs) are defined as the person or firm that carries out regulated activities on behalf of an authorized financial services firm, known as the principal. In 2022, the regulator set out how principals should engage with ARs. In a review released today, the regulator found that half of principals were not regularly reviewing the AR agreements and most firms had not changed their AR onboarding or termination procedures since the rules were introduced. “Some [firms] aren’t getting the basics right and are taking a ‘bare minimum’ approach,” Jane Savidge, interim head of department for appointed representatives, said.Statement follows and review is attached....

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