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.
Suitability reports – silver bullet, or not?
Paul Jay Compliance, Suitability DB Pension, FCA, MiFID, Pension, Pension Transfer, PI, transfer, Xplan
If you ask most advice firms which part of the advice process consumes the most time, most will reply: “Suitability Reports”. Based on the mammoth documents that some firms still produce, we can understand why. We do have some sympathy with firms though. On the one hand they’re told by the FCA that reports are […]