FCA publishes ‘Information for Principals with overseas Appointed Representatives’ web page

The FCA has published a page for Principal firms with overseas Appointed Representatives (OARs).  The information covers additional challenges that Principals may face, and outlines expectations and practical considerations for overseeing OARs.

Feedback to its consultation on improving the Appointed Representatives regime showed that Principal firms may have challenges overseeing and communicating effectively with their OARs due to differences in legal, accounting and regulatory requirements for each jurisdiction, geographical distance, and cultural and language differences.  The FCA commented on this in the Consultation and the subsequent Policy Statement.

In seeking to prevent harm arising from the use of OARs, the new web page sets out the FCA’s expectations of, and practical considerations for, Principal firms with OARs.

UKGI is a trading style of UKGI Limited and UKGI Services Limited which are wholly owned subsidiaries within UKGI Group Ltd. UKGI Limited Registered in England No. 03544014. UKGI Services Limited registered in England No. 04953835. All Registered Offices Number 22 Mount Ephraim, Tunbridge Wells, England TN4 8AS. VAT registration number 347 2664 82.