Page 46 - 期货和衍生品行业监管动态（2022年8月）

期货和衍生品行业监管动态

 Notify the FCA of future AR appointments 30 calendar days before it
takes effect.

 Provide complaints and revenue information for each AR to the FCA on

an annual basis.

 As part of its new three-year strategy to improve outcomes for

consumers and markets, the FCA is also undertaking targeted supervision of

principal firms across the whole financial services sector, using improved data

and analytical tools to focus its work. It’s also increasing scrutiny on firms

applying for authorisation and as they appoint ARs.

The new rules do not change the fact that principals are responsible for the

activities of their ARs. The FCA is working with HMT to explore if further changes
are needed to the AR Regime, which would require future legislative change.

Sheldon Mills, Executive Director for Consumers and Competition, said:

‘While appointed representatives can bring innovation and choice, principals and

ARs account for more than 60% of the total value of recent claims to the Financial

Services Compensation Scheme. They also generate up to 400% more supervisory

cases and complaints than other directly authorised firms.

‘The changes we’re making will help ensure that principals manage their ARs

better – ensuring that they provide the oversight needed to avoid consumers being

mis-sold or mis-led and to make sure markets can operate safely and fairly. They will

also need to provide us better data and information to support our own work.'

Notes to editors

1. As part of improving the data provided to the FCA, principal firms
should expect to receive a data request for information on their current ARs later

in the year.

2. We have also formed a dedicated new supervisory department to lead

and co-ordinate our cross organisational work on ARs.

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