FCA launches AR consultation to “address harm”
Regulator warns that there are “real risks of consumers being misled and mis-sold with little scope for recourse” as it proposes changes to the current model.
The Financial Conduct Authority (FCA) has launched a consultation aimed at improving the appointed representatives (AR) regime and tackling harm from this model.
The watchdog stated that it is currently seeing a wide range of harm across all sectors where firms have ARs.
It added that this often occurs because principals don’t perform enough due diligence before appointing an AR, or from inadequate oversight and control after an AR has been appointed.
Harm
The FCA detailed that its proposed
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