The FCA have recently published CP21/34, a consultation paper which outlines their proposed changes to the Appointed Representatives (AR) regime and addressed significant failures of Principals in their understanding of their regulatory responsibilities relating to their ARs. These failures include insufficient oversight of their ARs and inadequate controls over the [...]
The FCA’s review of the use of Appointed Representatives (AR) is one of its current priorities, with increased levels of harm across all sectors by ARs being noted. Therefore in the next couple of months expect actions to occur, as set out in our recent article. The FCA has also [...]
Review of the use of the Appointed Representatives’ (AR) regime is a priority for the FCA. The FCA has noticed an increased level of harm across all the sectors where firms have ARs and is preparing certain actions in the coming months to address this. Upcoming FCA key milestones for [...]
Of relevance to: All Principals who have Appointed Representatives (ARs) or Introducer Appointed Representatives (IARs), regardless of sector Having issued an alert in August 2016 which highlighted some of the risks arising from authorised firms accepting business from unauthorised introducers/lead generators and/or other authorised firms, the FCA has issued a [...]
Of relevance to: All firms Bank of England and Financial Services Act 2016 The Bank of England and Financial Services Act 2016 has made its way through both Houses and received Royal Assent on 4 May. It’s not a massive instrument but some points of interest within it include: The [...]
Related Final Notices in respect of Gerald Casey of First Colonial Investments LLP (“FCI”) and Direct Sharedeal Ltd (“DSL”) have been published. At one level it is yet another case arising from a combination of high risk shares; telephone sales; inadequate monitoring of the latter; retail clients; and client money. [...]
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