The Financial Conduct Authority (FCA) has assessed the key harms and drivers of harm caused by Appointed Representatives (ARs) who undertake credit broking.
It is important that principals have good oversight of their ARs. To support this, the FCA has produced examples of good practice and areas for improvement that it has seen from those assessments.
All principal firms who have ARs should consider these findings and address any gaps during their initial and ongoing monitoring of ARs.
The FCA has also advised that it will take action where firms do not have adequate oversight of their ARs.
Members are advised to review this information and apply the guidance within their business.
Principal firms who have Credit Broking permissions: Good practice and areas for improvements | FCA
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