"Those who are impacted are likely to experience significant changes to the way in which they need to work."
SimplyBiz has launched an Appointed Representative (AR) support programme to offer dedicated support and guidance for both AR and principal firms as they navigate the Regime’s new landscape.
At the end of last year, the FCA published changes to the AR regime, which took effect from 8th December. Whilst the rules applied from this date, there are transitional provisions around the new reporting requirements and annual assessments to give firms time to comply before the deadline of the 28th of November.
SimplyBiz’s support programme, which includes an audit – now an annual requirement under the new rules - guide, and resource library, will review and assess the effectiveness and robustness of an AR’s internal systems, controls, procedures, and reporting to the principal firm.
In turn, this will help the principal firm establish that it is monitoring and managing the activities of its AR firms effectively, appropriately, and in line with the standards expected by the FCA.
Jennifer Peaty, head of regulatory consultancy for SimplyBiz, commented: “Whilst the recent changes to the AR Regime won’t affect the majority of firms, those who are impacted are likely to experience significant changes to the way in which they need to work. The requirement of an annual audit for all AR firms is one of the elements of the new rules which we believe will cause the most work for firms, and we believe this service will help to remove a burden from those affected.
“Vitally, I would remind firms of the deadline of the 28th of November this year by which they need to have completed this piece of work, and urge them to get moving as soon as possible.”
