A principal's responsibility for its appointed representatives
A principal's responsibility for its appointed representatives

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • A principal's responsibility for its appointed representatives
  • What is a principal?
  • What are a principal's responsibilities?
  • Thematic review of principals and ARs in the general insurance sector
  • ARs must act within scope of principal's permission
  • Responsibility for the actions of an AR
  • Threshold conditions
  • Principal's controls and resources to monitor and enforce compliance
  • Good repute and competence
  • AR's solvency, suitability and close links
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

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.

BREXIT: The UK’s exit from the EU and the end of the implementation period on 31 December 2020 will have an impact on this Practice Note. For more information, see Impact of Brexit on responsibilities of principal firms below.
Coronavirus (COVID-19): .The Financial Conduct Authority has issued a statement setting out its expectations with regard to the responsibilities of principal firms for their appointed representatives during coronavirus. For more information, see Coronavirus (COVID-19)—responsibilities of principal

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