Alsford Page & Gems fined over appointed representative failures
The watchdog said the broker did not have adequate oversight and warned that it is increasingly seeing examples of “misconduct” stemming from principals’ failure to monitor their appointed representatives appropriately and flags AR fee consultation.
Wholesale and resinsurance broker, Alsford Page & Gems, has agreed to pay extended warranty insurance customers £399,902 after being censured by the Financial Conduct Authority for “limited and ineffective” oversight of its appointed representatives (AR).
In the same announcement, the regulator also revealed plans to charge principals a flat fee of £250 per AR in order to raise £10m and increase the monitoring of ARs.
APG is a wholesale and reinsurance broker which began to sell extended
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