What can an appointed representative do?
What can an appointed representative do?
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’. There must be a written contract between the principal and the AR documenting the arrangement.
Do appointed representatives need to be Authorised?
An Appointed Representative (often referred to as an “AR”) is a firm or individual that, due to a formal relationship it has with an FCA authorised firm, can conduct specific regulated activities without themselves being authorised by the FCA to do so. Appointed Representatives are not authorised by the FCA.
Who is ultimately accountable to the regulator for the appointed representative activities?
Under a written agreement, the appointed representative – or AR – acts as the agent of the principal firm, which takes full responsibility for ensuring that its ARs comply with the FCA’s rules and is accountable for any infractions committed by the ARs to which it stands as principal.
Can an appointed representative be an individual?
(1) A representative is an individual who is appointed by a firm or an appointed representative, to carry on any of the activities in (1)(a) to (c): (2) If a firm appoints an appointed representative who is an individual in (1), that appointed representative will also be a representative.
How long does it take to become FCA Authorised?
approximately 6-12 months
It takes approximately 6-12 months to become FCA authorised. The timeframe depends on how quickly the main FCA application forms and supporting documents (including business plan and financial projections) are collated and how long it takes for an FCA case officer to be assigned.
How do I become an FCA approved person?
How do you become an FCA Approved Person?
- Complete a ‘Fit and Proper’ test. This test analyses how fit and proper you are to fulfil your duty and to handle your responsibilities at work.
- Comply with the Statements of Principle and Code of Practice.
- Report any personal changes to the FCA.
How do I get FCA Authorised?
FCA Authorisation Application in 5 Steps
- Step 1 – establish permission. If the business of the firm involves a regulated activity, then the likelihood is the firm will need to be authorised.
- Step 2 – strategy and audit.
- Step 3 – Gather documentation.
- Step 4 – Work through application.
- Step 5 – declare and submit.
How much does it cost to be regulated by the FCA?
The initial application filing fee that firms will have to pay depends on whether the firm’s application is straightforward (£1,500), moderately complex (£5,000) or complex (£25,000).
Do I need to be Authorised FCA?
According to provisions made under the Financial Services and Markets Act (FSMA) 2000, financial activities have to be regulated by the FCA. Any firm (whether a business, a not-for-profit or a sole trader) carrying out a regulated activity must be authorised or registered by us, unless they are exempt.