What is an Authorised representative FCA?
Appointed representatives and principals An appointed representative (AR) is a firm or person who runs regulated activities and acts as an agent for a firm we directly authorise. This firm is known as the ARs ‘principal’.
What is an appointed representative agreement?
by Practical Law Financial Services. An agreement for authorised firms wishing to enter into an appointed representative arrangement, as principal, with an unauthorised person (the appointed representative) under section 39 of the Financial Services and Markets Act 2000 (FSMA).
Does an appointed representative need an approved person?
(1) Every appointed representative will have one or more persons responsible for directing its affairs. These persons will be performing the FCA governing functions and will be required to be FCA-approved persons unless the application provisions in ■ SUP 10A.
How long does it take for the FCA to approve an appointed representative?
We aim to decide on 85% of applications within: 2 days for Form C and Form D notifications. 5 days for Appointed Representative customer functions (CF30) and significant influence functions.
How do you appoint an Authorised representative?
Appoint authorised representatives
- Enter the date of appointment.
- Select whether ASIC has issued this representative with a representative number.
- Select whether the representative has an ABN.
- Select whether the representative is a natural person.
- Select ‘Next’ to continue.
What is Authorised representative?
Authorised representative means a person who is authorised by a person to appear on his behalf.
How long does it take to become an appointed representative?
To become an appointed representative can take just a few weeks or months to be approved, compared to the alternative of obtaining a license which can take 6 to 18 months, depending on your access to professional advice and help.
Can the FCA take disciplinary action against appointed representatives?
“Principal firms have a responsibility to oversee their Appointed Representatives and ensure they are carrying out regulated activities properly. Without adequate oversight, customers are at risk and, as this case shows, where that is the case, the FCA will take action against the Principal.
Can an appointed representative hold client money?
The necessary action may include, for example, increased monitoring or, if appropriate, suspension or termination of the appointment. (1) A firm must not permit an appointed representative to hold client money unless the firm is an insurance intermediary acting in accordance with ■ CASS 5.5.
Who needs to be an Authorised representative?
Sub-authorisation For example, a body corporate that is an authorised representative will generally need to sub-authorise its directors and employees in order to provide financial services on behalf of the AFS licensee. An authorised representative that sub-authorises an individual is referred to as an ‘authoriser’.
What evidence must a firm provide to the FCA?
A firm must ensure that, if appointing an appointed representative to carry on MCD credit intermediation activity, its written contract requires the appointed representative to provide such evidence to the FCA as to the knowledge and competence of the staff of the appointed representative, as the FCA may require from time to time.
Can an authorised person be an appointed representative?
SUP 12 (Appointed representatives) contains rules and guidance relating to appointed representative s. person who is an authorised person cannot be an appointed representative (see section 39 (1) of the Act (Exemption of appointed representatives)).
How many principals can an appointed representative have on a contract?
As SUP 12.5.6A R does not apply to non-investment insurance contracts, there are no restrictions on the number of principals an appointed representative may have in relation to those contracts.
What are the appointed representatives regulations?
The Appointed Representatives Regulations include, among other things, the prescribed requirements applying to contracts between firms and appointed representatives for the purposes of section 39(1)(a)(ii) of the Act.