FCA requires firms to investigate and report AR history

Principal firms must investigate the history of their appointed representatives (AR) including other principal firms they worked for and why their previous relationship came to an end.

The requirements are being introduced as part of the Financial Conduct Authority’s (FCA) overhaul of its AR regime.

Under the changes the FCA is requiring firms to provide the regulator with various data. This includes:

 

The FCA said it would require these items for new AR appointments and for existing ARs as part of a one-off exercise, to ensure that it has this data on the entire AR population.

The regulator is also requiring principal firms to notify it of changes in information they have given on their ARs.

The FCA revealed it received little or no feedback to the data requests when they were originally proposed in its consultation late last year.

 

Exit mobile version