Why the Kession ruling could reshape risk across financial promotion and AR structures

The Supreme Court decision in Kession Capital v KVB Consultants may emerge as one of the most commercially significant developments for financial promotion firms and appointed representative (AR) structures in recent years. Not because it fundamentally rewrites the law, but because it alters where firms now understand regulatory and commercial risk to sit. For many years, large parts of the market operated on an implicit assumption: where regulated activity was introduced, distributed, or facilitated through an AR structure, liability would ultimately flow back to the principal firm. ...