This policy statement sets out the government’s overall policy approach for regulation of Appointed Representatives carrying on regulated financial services activity in the UK.
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The government intends to preserve the Appointed Representatives regime in its current scope, using targeted and proportionate reforms to shore up confidence in the use of Appointed Representatives so that businesses and consumers can benefit from the regime well into the future. The government will consult on the detail of the proposed reforms in due course.
The Appointed Representatives regime plays an important part in the supply of financial services and provides substantial benefits to consumers and businesses. It supports innovation and competition by allowing firms to access financial services markets without the regulatory burden and cost of becoming authorised. It can help enhance the customer experience by enabling a range of non-financial businesses to offer complementary financial services alongside their core products.
However, there is concern that poor oversight of some Appointed Representatives is putting some consumers at risk. The government intends to address this concern so consumers and businesses can have confidence in the regime and to preserve the benefits provided by Appointed Representatives well into the future.
The policy statement sets out the government’s overall approach to the regulation of Appointed Representatives and outlines two reforms that the government intends to make to the legislative framework for Appointed Representatives. The government will consult on the detail of these reforms in due course.
