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.
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So, it’s right for the client to transfer … but should the transfer be done NOW?
The Office of the Public Guardian has produced a helpful guide for firms in how to deal with customers where a power of attorney is in place.
These could be of interest.
Principals and Appointed Representatives – action needed
Alistair MacDougall Compliance 2016, FCA, PI
Following recent FCA investigations that resulted in a Dear CEO letter, firms that have Appointed Representatives need to review the adequacy their governance and supervision.