On 15th November, in conjunction with the Managing General Agents Association, Kenneth Underhill hosted a webinar looking at the current regulatory regime for Appointed Representatives as provided under the Financial Services and Markets Act 2000 (FSMA) and what firms can do to prepare for any supervisory activity and potential changes to the regime.
In its Business Plan for 2021/22, the Financial Conduct Authority stated its intent to undertake a review of the way Appointed Representatives (ARs) operate where they have identified potential risks of harm arising from how well they perceive the Principal’s understand and comply with their regulatory requirements. In particular they have identified insufficient oversight and controls over their ARs and the regulated activities they undertake as a cause for concern. The FCA intends to conduct more targeted and proactive supervision of ARs and their Principals to reduce risks. There will also shortly be a cross sector consultation which may lead to changes to the AR Regime to reduce what they describe as “opportunities for misuse of the regime.
You can download a copy of the slides here.
Webinar starts in: