The FCA continues to focus on Appointed Representatives (ARs) identifying poor quality of oversight by some principal firms to be a source of significant consumer harm.
Concern about appointed representatives was raised in September 2020 with new rules and guidance coming into force in December 2022.
The Appointed Representative (AR) Regime was created primarily to allow self-employed representatives to engage in regulated activities without having to be authorised. In particular, it allowed insurers and other product providers to distribute products through self-employed sales agents by appointing them as ARs. However, over time . . .
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