What is an Appointed Representative (AR)
The FCA definition:
An appointed representative is a person who is party to a contract with an authorised person which permits or requires him to carry on certain regulated activities (see Glossary for full definition). SUP 12 (Appointed representatives) contains rules and guidance relating to appointed representatives.
In practical terms:
This means you operate under a separate FCA approved firm. You will have a legally binding contract with them. This firm will provide you with the polices and procedures required by the FCA to become and remain compliant.
Appointed Representatives within our Network
Appointed Representative (AR) Status allows you to fulfil your compliance responsibilities as part of the First Call Group network – you don’t have to become directly regulated. We provide everything you need to ensure that your team is competent and compliant under FCA regulations.
In some cases, it makes more sense to become Directly Regulated. We will advise you on the best route for your business, and support you on an ongoing basis to maintain the required standards.
Whatever route you choose to go, our specially designed compliance training programmes ensure that every member of your team becomes approved to sell retail finance and insurance products. Our reporting systems allow us to keep an eye on how each member of the team is doing and support them if and when they need help. They also provide proof of competence and compliance, as required in an FCA audit.
To find out more about our dealer training, compliance, audit and insurance services, please contact us here.
Costs
Costs for
Appointed Representative (AR)
an initial set up fee:
£2400
plus vat
followed by 12 monthly subscription payments of:
£475
per month
Contact:
Email: dave@fcgltd.co.uk (Sales Director)
Tel: 0191 535 2532