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ARTICLE · 18 JANUARY 2023

Changes To The FCA's Appointed Representative Regime

Herrington Carmichael LLP
Herrington Carmichael LLP
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Herrington Carmichael LLP

Herrington Carmichael LLP

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On the 8th December 2022, the Financial Conduct Authority ("FCA") made changes to Chapter 12 of the Supervision Manual (SUP 12) of the FCA Handbook, which is concerned with the appointed...

United KingdomFinance and Banking
Mark Chapman
Mark Chapman
Olivia Larkin
Olivia Larkin
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On the 8th December 2022, the Financial Conduct Authority ("FCA") made changes to Chapter 12 of the Supervision Manual (SUP 12) of the FCA Handbook, which is concerned with the appointed representative ("AR") regime.

The appointed representative regime allows ARs to engage in regulated activities without having to be FCA authorised. The FCA notes in PS22/11 that whilst the regime has benefits, they are infact seeing a wide range of harm across a multitude of sectors where AR's are appointed. This is due to the fact that their principals are failing to undertake the necessary due diligence before their appointment, or once their role has begun, their principals are failing to provide an adequate level of oversight and/or control.

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