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.
On 1 April 2019, the FCA increased the Financial Ombudsman Service’s award limit from £150,000 to £350,000. This applies to complaints referred to the Ombudsman service on or after 1 April 2019 about firms’ acts or omission on or after that date. The limit for complaints referred to the service on or after 1 April […]
Some readers might remember that the FCA issued a guidance consultation paper in July 2019, GC19/3 – Guidance for firms on the fair treatment of vulnerable customers. The consultation closed in October and final guidance was expected to be published early 2020. That has now been deferred, with no timescale indicated for its publication. Another casualty […]
A reminder that ARs should be included as Directory Persons.
The FCA has published its Business Plan for 2020/21.
SM&CR training
Alistair MacDougall Compliance FCA, SM&CR
During a recent workshop, the FCA commented on SM&CR training. They do not believe that some e-learning or short generic training meets their requirements. We believe that this is primarily a reference to the need for all staff to understand the intention of the SM&CR to move firms to a culture of accountability at all […]