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Action required – Firms with Appointed Representatives

The FCA has issued the following reminders for Principal Firms.

 

 

Respond to our request for information about Appointed Representatives (ARs)

In December 2022 we sent a mandatory Section 165 (S165) request to principal firms. This request reflects new rules requiring principals to provide more information about their Appointed Representatives (ARs) and strengthens the responsibilities and expectations of principals.

Principal firms with ARs must respond to this request by 28 February 2023.

We have provided S165 guidance for principal firms to help you complete the request.

 

Reminder: notify us of any changes in status to your Appointed Representatives

Our analysis of Companies House data shows that some Principal firms fail to tell us when their Appointed Representatives (ARs) enter administration, liquidation or dissolution.

You must notify us immediately if there is a change in status to any ARs you oversee, including where they:

  • go out of business – using a ‘Terminate AR’ form
  • change name – using a ‘Change AR’ form

We also remind you of new rules that clarify and strengthen the responsibilities and expectations of Principals. Further information can be found in SUP 12.3 of the FCA Handbook and on the website.

Don’t forget to check Our View about this article and the Actions Required By You

Action required – Firms with Appointed Representatives

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

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