FCA warns principals they will be accountable for ARs’ mistakes
Regulator informs firms of its expectations after its thematic review into supervision of appointed representatives revealed "significant shortcomings".
The Financial Conduct Authority (FCA) has sent out a Dear CEO letter setting out its expectations on principal firms in the general insurance sector.
The letter follows the regulator's thematic review into the supervision by principal firms of their appointed representatives (AR), which outlined "significant shortcomings" in the industry.
The regulator detailed that the purpose of its rules was to place responsibility on the principal firm for ensuring that its ARs are fit and proper to deal
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