Appointed representatives
Appointed representatives

The following Financial Services guidance 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
  • What activities can an appointed representative carry on?
  • What are a principal's responsibilities?
  • Introducer appointed representatives
  • Introducers
  • Representatives
  • Notifications to the FCA
  • Record keeping

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 the authorised activities carried out by the AR, the AR will be exempt from the need to obtain an authorisation.

If the conditions in the AR Regulations are satisfied, anyone can be an AR except for