We are pleased to announce the launch of our new Appointed Representative (AR) Network
Consumer Credit Compliance became a ‘Principal’ in 2017 when it upgraded from Limited to Full Permission Credit Broking. In 2018 we then acquired our Permissions for Debt Adjusting, Debt Counselling & Insurance mediation. Part of our business plan for 2018 is to develop our AR Network with partners from across the broad spectrum of the Credit Broking & Insurance sectors. This service is for firms that do not want to be directly authorised by the FCA and would prefer a ‘Principal’ to look after their Broking and Insurance activities.
A ‘Principal’ is a firm that is directly authorised by the FCA and they will be responsible for ensuring any Appointed Representatives (AR’s) meet their requirements.
An Appointed Representative (AR) is a firm or person who conducts regulated activities under the banner of a firm that is directly authorised by the FCA. This firm is known as the AR’s ‘Principal’.
An Appointed Representative can act in the same way as a directly authorised business; advising customers, completing finance proposals, advertising finance and receiving commission. As an Appointed Representative for consumer credit activities, you can still choose your finance provider if they are correctly authorised and comply with all FCA regulations.
If you are an appointed representative you will need to understand and comply with the regulatory requirements for the business, you conduct.
A business cannot be an Appointed Representative for a regulated activity if:
The exceptions to this are:
As an Appointed Representative you must allow the Principal access to your staff, premises and records so the principal can carry out the necessary oversight and monitoring of your business.
Any firm or person that can meet our strict criteria.