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

‘Commercially, the implications are far-reaching’

clock • 5 min read

Solicitor Gareth Fatchett looks at the Kession decision which he says 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. ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Advice firms report that around four in ten clients are vulnerable - MorganAsh

Advice firms report that around four in ten clients are vulnerable - MorganAsh

Data from the MorganAsh Resilience System

Jaskeet Briah
clock 28 May 2026 • 2 min read
Student loans present 'almost impossible' financial planning question

Student loans present 'almost impossible' financial planning question

To be a 'burden' for years to come, advisers say

Sophia Panayi
clock 28 May 2026 • 5 min read
Advice consolidation: Reputation, regulation and a transforming market

Advice consolidation: Reputation, regulation and a transforming market

Growth alone is no longer enough

Isabel Baxter
clock 27 May 2026 • 5 min read