Q&As

Does an appointed representative have any obligations to the Financial Conduct Authority (FCA) in respect of its principal, if the appointed representative has concerns that the principal is not meeting its FCA obligations and requirements?

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Published on LexisPSL on 02/04/2019

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • Does an appointed representative have any obligations to the Financial Conduct Authority (FCA) in respect of its principal, if the appointed representative has concerns that the principal is not meeting its FCA obligations and requirements?

Appointed representatives are by definition not authorised persons and are exempt from the need to obtain an authorisation, though certain individuals working for the appointed representative may need to be approved under the approved persons regime (see sections 39 and 59 of the Financial Services and Markets Act 2000 (FSMA 2000) and the Financial Conduct Authority (FCA) Handbook, SUP 10A.1). For more information, see Practice Note:

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