The following Financial Services guidance note provides comprehensive and up to date legal information covering:
This Practice Note provides an introduction to some of the regulatory responsibilities and contractual requirements that firms authorised by the Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA), or 'principals', have in relation to their appointed representatives (ARs). It discusses such issues as appointing an AR, conducting verification, entering into a contract and the notifications that a principal must make to the FCA in relation to its ARs.
A 'principal' is a firm directly authorised by the FCA and/or the PRA to perform regulated activities under Part 4A of the Financial Services and Markets Act 2000 (FSMA 2000), and which engages a person or firm to conduct some or all of those regulated activities on its behalf. The appointed person may be an AR or a tied agent, but in both cases the principal is responsible for making sure that the AR or the tied agent meets FCA and/or PRA requirements at all times. The requirements a principal must meet in relation to its AR or tied agent are contained in Chapter 12 of the Supervision manual (SUP 12) of the FCA Handbook. For further information on who can become and AR and how, see Practice Note: Appointed representatives, and for tied agents, see Practice Note: Tied agents.
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234