{"id":7084,"date":"2022-12-08T16:57:16","date_gmt":"2022-12-08T16:57:16","guid":{"rendered":"https:\/\/iqeq.com\/?p=7084"},"modified":"2023-10-10T15:12:52","modified_gmt":"2023-10-10T15:12:52","slug":"improving-appointed-representatives-regime","status":"publish","type":"post","link":"https:\/\/iqeq.com\/insights\/improving-appointed-representatives-regime\/","title":{"rendered":"Improving the Appointed Representatives regime"},"content":{"rendered":"
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Thursday 8 December 2022 is an important day for the Appointed Representatives (AR) regime in the UK. The rule changes set out in the FCA\u2019s Policy Statement 22\/11<\/a>\u00a0come into effect, raising the bar for all firms operating in the sector.<\/strong><\/p>\n

The AR regime brings a number of benefits for the UK economy \u2013 not least by allowing entrepreneurs to get off the ground quickly without the substantial time and cost associated with direct FCA authorisation. More importantly, those enterprises can flourish, safe in the knowledge that institutional-grade compliance infrastructure and expertise is being provided by their regulatory host.<\/p>\n

However, historically, some principal firms have cut corners. They have taken on ARs without the right controls to understand those businesses and their risks, or the ability to monitor their activities closely. This has resulted in some poor outcomes for end customers.<\/p>\n

The move to improve the AR regime dates back to early 2019, when the FCA issued a \u2018Dear CEO\u2019 letter scolding regulatory hosting firms for \u201csignificant shortcomings in the control and oversight of ARs.\u201d The landscape looks much improved today, although it is only with the publication of these new rules in August 2022 that principal firms have really assessed whether they are properly equipped to manage ARs.<\/p>\n

After a four-month run-up to allow firms time to prepare, the new rules take effect today,\u00a08 December 2022<\/strong>. Throughout the preparation period, IQ-EQ\u2019s UK Regulatory and Compliance Solutions team has shared a series of insights highlighting the significance of the new rules, outlining the key changes, and pointing ARs in the right direction.<\/p>\n

Now, to mark the implementation date, we\u2019ve compiled all of our recent insights into one concise paper that we hope will help guide our clients and contacts forward in this enhanced regulatory environment:<\/p>\n

Download the Insights paper<\/a><\/p>\n

If you have any questions, please don\u2019t hesitate to get in touch.<\/p>\n <\/div>\n<\/section>\n\n

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Meet the authors<\/h2>\n
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\n \"\" <\/div>\n
\n \"\" <\/div>\n
\n

Rachel Aldridge<\/h3>\n

Managing Director, Regulatory & Compliance Solutions, UK<\/p>\n

<\/div>\n

United Kingdom<\/p>\n \n Send email <\/a>\n \n + 44 203 696 1302 <\/a>\n

\n \n LinkedIn<\/span>\n <\/a>\n <\/div>\n <\/div>\n<\/div>
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\n \"\" <\/div>\n
\n \"\" <\/div>\n
\n

Andrew Shrimpton<\/h3>\n

Chair, UK Regulatory and Compliance Solutions, UK<\/p>\n

<\/div>\n

United Kingdom<\/p>\n \n Send email <\/a>\n \n +44 207 397 5469 <\/a>\n <\/div>\n<\/div> <\/div>\n

\n <\/div>\n <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":7090,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[1],"tags":[374],"expertise":[444,17],"service_category":[],"acf":[],"yoast_head":"\nImproving the Appointed Representatives regime - IQ-EQ<\/title>\n<meta name=\"description\" content=\"Thursday 8 December 2022 marks an important day for the Appointed Representatives (AR) regime in the UK. 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