On 9th August 2022 we wrote regarding the changes coming to the Appointed Representative Regime specifically outlining the new rules for Principal firms, the two main areas of change and the outcome the FCA are looking for. The new rules will take effect on 8 December 2022.
One of the two mains areas of change as detailed in the policy statement PS22/11 is the collecting of additional information on ARs and strengthening requirements for Principal firms. A summary of the final rules and notification requirements can be found in section 2.81 of the policy statement.
As part of improved reporting requirements, the FCA will be sending Principal firms a Section 165 data request in December.
Firms will have 60 days to respond and provide the following information about its ARs:
- reasons for any appointments
- nature of regulated business
- whether they conduct any unregulated business
- anticipated revenue
- nature of financial arrangements between principal and AR
- complaints information and whether the AR is part of a group.
FCA expectations – temporary long term absence
Richard Foster Compliance 2020, 2021, Certification, Conduct, Directory, FCA, PI, Register, Senior Manager, transfer
Following consultation in CP20/23, which was published in December 2020, the FCA has made changes to the Handbook. The affected sections are: SYSC 25.4 FIT 1.3 SUP 10A.14, 10C.9, 10C.10, 10C.11, 10C.14, 10C Annex 2G and 10C Annex 6R Form D In summary, the changes to the Handbook are intended to reflect the FCA’s […]