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June 28, 2024
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.
