Appointed Representatives – Are You Compliant?

Helping insurance brokers understand their regulatory obligations in regard to appointed representatives.

Last year the FCA published a thematic review, TR16/6, titled ‘Principals and their appointed representatives (ARs) in the general insurance sector’. The FCA have made it clear that principal firms with ARs are expected to understand their regulatory responsibilities with regard to their ARs and be able to demonstrate their oversight of them and their activities. There appears to be ever increasing regulatory focus in this area, which has recently seen an £8.2m fine on Aviva for failings in its oversight of its outsourced providers in relation to the protection of client assets. The FCA expects principal firms with ARs to address the issues raised in its thematic review. The below attached article further expands on TR16/6 and outlines the ways in which Mazars can help you address concerns raised.