The FCA now expects any principal firm with an Appointed Representative (AR) to have much more stringent monitoring in place. The principal firm will also need to audit the AR firm each year and then write a report to the Management Team as to what risks the AR firm poses to you as the principal firm. CATS can help by: -
- Conducting an annual audit which will include: -
- A review of what activity the AR firm is doing.
- A review of what Management Information is being supplied.
- A review their T&C arrangements
- A review of their Consumer Duty evidence
- Drafting a report for the Management Team to review around the risks the AR poses.