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March 25, 2025
Since late January there has been evidence of increased FCA focus on Principal firms and their Appointed Representatives (ARs), with the FCA:
- writing to firms following a review of REP025 returns (AR complaints and revenue data);
- contacting Principal firms where there are no Controlled Function holders attached to their ARs; and
- posing broader questions when ARs and IARs are being appointed by Principals and added to the Financial Services Register.
In this Hot TopICS we will set out the nature of the information that the FCA is gathering, and the Controlled Function requirement it is enforcing, as an indicator of what Principal firms should be considering in their appointment and oversight of their ARs and IARs.
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