FCA restricts ten principals following introduction of tougher rules

Over last six months

Ten firms have been placed under restriction by the Financial Conduct Authority for failing to meet the regulator's expectations on overseeing appointed representatives (ARs).

ARs are managed by authorised firms, known as principals, which are responsible for ensuring their ARs comply with FCA rules, rather than being directly authorised by the FCA. Treasury Committee questions FCA oversight of Crispin Odey and Odey AM Since the introduction of tougher rules to regulate principals in 2023, ten firms have been placed under restriction over the last six months. The regulator said it had written to more than 3,000 principals about their obligations to properly oversee the behaviour and conduct of their ARs, while collecting data on every AR. Addition...