Contract requirements for appointed representatives

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

  • Contract requirements for appointed representatives
  • Required contract terms
  • Restrictions on representation of other counterparties
  • Requirement for AR to be included in Financial Services Register
  • Permission, cooperation with FCA, and cooperation with auditors
  • Consumer buy-lo-let business
  • Retail advice on packaged products
  • Introducer appointed representatives
  • MCD credit intermediaries
  • Insurance distribution activities
  • More...

Contract requirements for appointed representatives

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.

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 contract requirements for appointed representatives below.

This Practice Note explains the contractual requirements as between a firm—referred to as a principal—and its appointed representative (AR) under Chapter 12 of the Supervision manual (SUP 12) of the Financial Conduct Authority (FCA) Handbook. For an overview of an AR's appointment and activities, see Practice Notes: Appointed representatives and A principal's responsibility for its appointed representatives.

This Practice Note only covers contractual requirements as between an AR and its principal. It does not cover contractual requirements as between principal and principal, ie multiple principals. For guidance on multiple principals and responsibility for ARs, see Practice Note: Multiple principals and appointed representatives.

Required contract terms

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