The FCA have published findings on how principals are embedding new rules for overseeing appointed representatives (ARs), and examples of good practice as well as areas of improvement for firms to consider.
To view the full publication, click here.
It is broken down into the following sections:
(1) Why the FCA conducted this review
(2) Who this applies to
(3) What they did
(4) What they found
(5) Next Steps
Outcomes
What firms should do
Firms who have ARs or intend to have ARs in future should read and consider these findings and the examples of good practice and areas for improvement when assessing their obligations as principals under the FCA’s rules. Not all examples will be relevant to all situations, but principals are likely to find it helpful to consider them.
Principals should ensure they have assessed their existing processes in response to the new rules and have sufficiently documented any revisions.
What the FCA will do
The FCA have followed up directly with firms in the review and will take swift action where we see principals are not meeting our standards in the future.
They will continue to monitor compliance with the rules, with a particular focus on annual reviews, self-assessments, and the quality of oversight of ARs.
To view the full publication, click here.
