Our services - Appointed Representatives
Appointed Representative application support
We can help provide application support as part of your application process.
Help with becoming an appointed representative with our partner company
We can help you become an appointed representative with our partner firm.
Help with onboarding as an appointed representative
We can provide support for your on-boarding process.
Advice on permissions required as an appointed representative
We can assess your business activities and advise you on the permissions you will require.
Due diligence on appointed representatives for principal firms
If you operate a network, we can help carry our checks on agent and AR applicants.
Policy and document preparation for appointed representative applications
We can help prepare the policy and application documents as part of your AR application.
Our approach to helping you become an appointed representative
1.
Assess the regulatory permissions you will carry out.
2.
Decide whether you want to become an AR or IAR.
3.
Assess principal options based on your requirements.
4.
Finalise your contract and meet any conditions and requirements.
5.
Notify the financial regulator about your application.
How we will support you
Step 1
We spend time understand your business, people, culture and business requirements.
Step 2
We prepare a business proposal, including a plan of action, based on your unique needs.
Step 3
We provide initial and ongoing support to deliver your requirements. This can also entail onsite and in-house support.
Sectors we serve
Payment services
We work with start-ups to unicorns and offer bespoke support across licence authorisation, compliance and support across the UK and Europe.
Banking
We help retail, private and investment banks with authorisation applications, PRA & FCA compliance, financial crime and training.
Credit broking
If you sell products and services and wish to offer customer finance, then we can help you become FCA authorisation.
Insurance
We provide comprehensive assistance to general insurers and Lloyd's of London brokers across compliance, training and authorisation.
Lending
From buy now pay later to traditional lending models, we advise you on operations, strategy, authorisation, and ongoing compliance requirements.
E-money
We work with start-ups to established firms in helping with Electronic Money Institution licence authorisation applications, compliance, training, policy and more.
Cryptoassets
We help clients on financial crime and licence authorisation across a number of countries.
Investment services
We work with UK and European regulators and can help you become authorised to offer investment services as a regulated business.
Mortgage providers & brokers
We offer a range of services including compliance, training, and authorisation support, specifically tailored for mortgage providers and brokers.
Open banking
We help open banking firms, including account information service and payment initiation service providers, across compliance, training, and authorisation.
Appointed Representative Guide
Introduction
Becoming an appointed representative (AR) can offer numerous benefits, including regulatory support, reduced administrative burden, and access to a broader range of financial products and services. As a principal firm, taking on the responsibility of managing a network of ARs requires a robust framework to ensure compliance, effective supervision, and successful partnership.
At Buckingham Capital Consulting, we specialise in supporting principal firms in managing their network of ARs. Our comprehensive services cover various aspects, including regulatory compliance, risk management, training and development, and operational support. We understand the intricacies of the regulatory landscape and can guide you through the necessary processes and requirements.
Our team of experienced professionals can assist in setting up the appropriate governance structures, developing policies and procedures, and implementing effective monitoring and oversight mechanisms. We work closely with you to tailor our services to your specific needs and ensure your AR network operates in full compliance with regulatory obligations.
By partnering with Buckingham Capital Consulting, you can leverage our expertise and industry knowledge to enhance your management of ARs. We can help you navigate the challenges of managing an AR network. With our comprehensive support and guidance, you can establish a successful and compliant framework.
Your responsibilities as a principal firm managing appointed representatives
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have a written agreement with your appointed representatives, setting out what business they can do
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assess your appointed representatives before appointing them to ensure they're fit and proper, financially stable and suitable to carry out business for your firm
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notify the FCA when you appoint new ARs at least 30 days before the appointment is made
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review information on all your appointed representatives’ activities, business and senior management regularly
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ensure data on on all your appointed representatives’ is up to date and notify the FCA of any changes
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take reasonable steps to ensure that they act within the scope of their appointment
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ensure at all times that your firm has the skills and resources to oversee your appointed representatives’
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provide complaints data and revenue information for ARs on an annual basis to the FCA
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be clear on when and how to terminate an AR relationship. This should be stated in your agreement with them.
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ensure your appointed representatives’ continues to meet the necessary standards
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have adequate financial resources taking into account the activities of your ARs (including Introducer appointed representatives)
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hold compliant Professional Indemnity Insurance (PII) to cover the activities of your appointed representatives’ where required to do so
How you should manage and oversea your appointed representatives
As a principal firm, you will be required to be responsible for your ARs on an ongoing basis, and apply an appropriate level of oversight and monitoring to them in order to:
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assess their senior management for fitness and propriety, including competence and capability
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assess whether your controls and resources are adequate
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monitor and assess the risk of harm to consumers
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oversee ARs to the same standard as your employees
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be able to demonstrate that you are monitoring your AR and the business risks they present
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perform an annual review on your ARs, prepare an annual self-assessment and understand how to terminate an AR relationship, where necessary. You will be required to prepare the self-assessment, annually and it should:
- entail the identification of key risks and gaps in compliance
- be reviewed and signed off by your board, at least annually
- be kept for at least 6 years and available for FCA inspection
Your FCA reporting obligations
Changes to your ARs - you must notify the FCA at least 10 calendar days before the changes take place.
If you intend to provide regulatory hosting service - you must notify the FCA 60 calendar days in advance.
Providing the FCA complaints data and revenue information - you must notify the FCA 60 days within your annual reporting date.
Additional Services for principal firms
Why leading firms choose us as their partner.
"We engaged Buckingham Capital Consulting to help our firm become an Appointed Representative (AR). Their support and guidance were crucial in successfully establishing our AR status.
Buckingham Capital Consulting's expertise in regulatory requirements and the AR process made them an invaluable partner. They provided us with clear and practical advice, helping us navigate the necessary steps and meet our regulatory obligations.
Throughout our engagement, their team worked closely with us, understanding our specific needs and tailoring their approach accordingly. Their guidance allowed us to establish a robust compliance structure as an AR."