The FCA has published an alert to all Principals, regardless of sector, who have one or more Appointed Representatives or Introducer Appointed Representatives (‘ARs’). Principals are responsible for the regulated activities of their ARs. The alert sets out the risks that the FCA expects firms to consider and act upon, where relevant.
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This is a follow up to previous alerts about the risks involved in dealing with Introcuders. All Principal and Appointed Representative firms should read it.
For information.
There has been lots of political talk in recent months about the need for economic growth. Has to be a good thing yes? Well, yes and no actually. Growth needs to be robust and sustainable, otherwise this year’s growth could be next year’s problem. And that, in essence, is what a recent FCA review […]
Last week the FCA issued a Dear CEO Letter to firms in the Consumer Investment sector to “help them implement and embed the (Consumer) Duty effectively”. The FCA outline four key areas of concern, notably: Mainstream investments: Concern surrounds clients receiving poor value, specifically in relation to paying for products and service that services […]
The FCA has published the results of its review of the Consumer Duty implementation plans of larger firms, in order to help firms understand its expectations. You can read the results here. The findings reflect that, while many of the plans reviewed evidenced firms had established extensive programmes of work to embed the Duty, […]
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 […]
Ongoing client reviews
Alistair MacDougall Compliance 2020, Drawdown, FCA, PI, platform
Consumer Duty will require most firms to review their business model and, in particular the value of the services they offer. The regulator clearly has a focus on the ongoing service provided to clients. There are longstanding rules that require firms to: … consider whether the personal recommendation or any other related service is […]