FCA publishes policy statement on improvements to the Appointed Representative regime

The Financial Conduct Authority (FCA) has this month published its policy statement (PS22/11) confirming its final rules reshaping the Appointed Representative (AR) regime to make authorised financial firms acting as principal more responsible for their ARs. The FCA had previously set out its proposals and invited feedback in a consultation paper (CP21/34) in December 2021. In seeking to address harms and protect consumers, these proposals focused on: (i) collecting additional information on ARs and strengthening reporting requirements for principals; and (ii) clarifying and strengthening the responsibilities and expectations of principals. Read more

The Financial Services and Markets Bill – a new vision for future UK financial services

In a speech delivered at Mansion House on 19 July 2022, the Chancellor of the Exchequer, The Rt Hon Nadhim Zahawi MP, sets out the government's vision for the future of UK financial service and discusses proposals which aim to keep the UK "the most open, inclusive, welcoming, competitive, safe, and transparent place to do financial services business, in the world". The government's vision for a "more open, competitive, green, and technologically enabled" financial sector is being delivered in the form of the Financial Services and Markets Bill (Bill) which was introduced in Parliament today. Read more