Appointed representatives
Appointed representatives

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

  • Appointed representatives
  • What is an appointed representative?
  • Additional requirements for certain types of appointed representatives
  • Tied agents and MiFID optional exemption appointed representatives
  • Structured deposit appointed representatives
  • Mortgage intermediary appointed representatives
  • What activities can an appointed representative carry on?
  • Insurance distribution activities
  • Regulated mortgage activities
  • What are a principal's responsibilities?
  • More...

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 the appointed representatives regime below.

This Practice Note discusses the main Financial Conduct Authority (FCA) provisions applying to appointed representatives (ARs) that carry out regulated activities on behalf of authorised persons. Provided the conditions of the AR regime are complied with, ARs are exempt from the need to obtain an authorisation.

For guidance on the contract requirements for ARs see Practice Note: Contract requirements for appointed representatives. For further guidance on multiple principals, see Practice Note Multiple principals and appointed representatives, and for additional information on responsibility for ARs, see Practice Note: A principal's responsibility for its appointed representatives.

What is an appointed representative?

An 'appointed representative' is defined in section 39 of the Financial Services and Markets Act 2000 (FSMA 2000) as a person who is not authorised to carry out regulated activities and who enters into a contract with an authorised person (known as the 'principal') to carry out certain regulated activities specified in the Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001, SI 2001/1217 (AR Regulations). Provided the contract meets the requirements set out in the AR Regulations and the principal accepts responsibility in writing for

Related documents:

Popular documents