On 19 August 2022, the FCA updated its webpage regarding Policy Statement 22/11: ‘Improving the Appointed Representatives regime’.
The FCA has added new text under the heading ’Next Steps’. The full section now reads:
The changes will take effect on 8 December 2022. Principals should read our updated rules and expectations and take any necessary steps to be ready to comply.
As part of our enhanced reporting requirements, principal firms should expect to receive a request for data (this will be through a Section 165 request – our power to require information and documents from firms) about their ARs in December 2022.
Firms will have 60 days to respond. We have tailored the request following our firm survey in October 2021 to minimise the burden on firms, while ensuring we get the information we need. The information will inform our targeted supervisory work across sectors and portfolios, and better enable us to identify drivers of harm. More detail and notification requirements can be found on our Principals and Appointed Representatives page and in sections 2.44 and 2.81 of our policy statement.