On 28 September 2023, the FCA published data on improving the appointed representatives (ARs) regime through greater use of data.
The publication includes data from the FCA’s 2021 and 2022 data requests sent to principal firms and authorisation information collected from firms. It also outlines how the FCA is improving the AR regime and what the FCA expects from firms.
The FCA reminds firms of the rules and guidance it introduced in December 2022 to improve how principal firms oversee their ARs. As part of those rules, principals must now give the FCA more information about their ARs, and this information drives the FCA’s strategy and approach. A new AR department has been set up to lead its cross-FCA strategy on ARs and high-risk casework, and the FCA has also supported HM Treasury’s work to assess whether wider legislative changes are needed.