FCA slams oversight of appointed representatives

F grade

A Financial Conduct Authority (FCA) thematic review has attacked the control and oversight of appointed representatives in the general insurance sector by principal firms outlining "significant shortcomings".

The FCA sampled 15 firms and has taken direct action against five.

Following the report the regulator ordered two firms to cease sales activity.

It also ordered:

the commissioning of two section 166 skilled person reviews to assess whether detriment has been suffered by customers from mis

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