FCA warns ARs should not be seen as easy route into regulation

In the regulator's latest update on its AR regime, published yesterday (28 September), the FCA detailed that it has often seen principal firms submitting applications without declaring their full regulatory history. Specifically, there has been frequent examples among "outlier firms with weak AR recruitment arrangements", the FCA noted, although its data suggests most firms do some checks. Issues that have been encountered with these outlier firms include applications being ‘partially' or ‘inadequately' completed, with references either not being asked for or not checked, and overlook...