FCA Sets Rules For Overseeing Appointed Representatives
By Alex Davidson (August 3, 2022, 5:19 PM BST) -- The Financial Conduct Authority on Wednesday set out new rules requiring financial firms to conduct far better oversight of representatives who often mis-sell their products and services on their behalf in a type of arrangement that featured in the Greensill Capital scandal.
The U.K. regulator is responding to lawmakers' call for reforms on how unauthorized 3rd parties known as 'appointed representatives' operate under the regulatory umbrella of regulated firms, or principals, after the collapse of the supply-chain financier Greensill Capital last year.
So-called appointed representatives unsupervised by regulators sell a wide range of services including to consumers, which is an area of...
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