In December, the FCA sent S165 information requests to all Principal firms requiring them to provide additional information regarding their Appointed Representative (AR) & Introducer Appointed Representative (IAR) population. The information relates to their income stream and regulated activity undertaken.
The information is required by the new rules implemented in December 2022 and is required in order for annual reporting to move forward, which will begin later this year. The FCA requires the information request to be completed by the 28th February 2023 and has recently shown concern that many firms have not yet completed this.
Firms are also reminded that the FCA has implemented a dedicated AR supervision team who are already engaging with principal firms. Failing to provide the required information on time is likely to prompt further engagement from the FCA.
Should you have not received the request, but are a principal and have ARs or IARs, you should contact the FCA to enquire why this has not been received. More information can be found here.
Related resources
All resources
Are you carrying out your new Consumer Duty obligations correctly?
Proposed changes to HNW and sophisticated investors’ financial promotions exemptions watered down
Consumer Duty: a wake-up call to all? Dear CEO letter to Wealth Managers and Stockbrokers
FCA warns on insider dealing risks around market soundings