In October 2021, the FCA issued an online survey to a sample of principal firms of AR networks. The survey was issued in late October and has a due date for responses in December.
The FCA has seen an increased level of harm across all sectors where firms have ARs and is carrying out further work at its gateway for authorisations and more targeted supervision to reduce the most significant risks from principals and ARs. It also plans to consult on changes to its rules governing this regime to improve and strengthen it. This will include changes to require more timely information on principals and their ARs and to improve principals’ ongoing oversight and due diligence of current and prospective ARs.
The data collected via this survey will inform FCA policy development for the future and will support its supervisory work on Appointed Representatives.
The survey asks principal firms to provide information about their ARs and about their own business in relation to Appointed Representatives. The FCA is keen to ensure that firms complete the survey in full, and reminds them to provide all the information requested. This may involve a good deal of time-consuming work covering AR information, complaints, revenue and customers and regulatory hosts. Some of the information requested is for each AR, so firms that have more than a small number of ARs must allow plenty of time to complete this and in particular must ensure that the information supplied is accurate.
If you’d like to know more about how we can help you with your Appointed Representatives monitoring or FCA survey arrangements, or with any other regulatory compliance issues, our expert team is here to help.
Contact us today on 0207 436 0630 – or email info@thistleinitiatives.co.uk.
Our team have assisted numerous firms with their FCA survey responses. Compliance Star, an on-demand compliance platform and part of the Thistle Group can provide you with the right tools for effective monitoring and risk management within AR networks. Including financial testing, fit and proper individuals, complaints monitoring and AR audits.
For more information and to request a free demo of the platform, call 0203 859 0056, email sales@compliancestar.co.uk or visit compliancestar.co.uk