HM Treasury has launched a consultation proposing targeted reforms to strengthen the UK’s appointed representatives (AR) regime.
The AR regime currently allows firms to carry out regulated activities under the responsibility of an authorised "principal" firm. It supports around 34,000 ARs operating under 2,400 authorised firms. This consultation has opened following its 11 August 2025 policy statement, as the government has flagged that concerns have emerged about consumer harm and weaknesses in oversight. In the consultation which runs until 9 April 2026, the Treasury has outlined several proposed reforms. One is a new Financial Conduct Authority (FCA) permission for principal firms. Authorised firms wou...
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