News analysis: Counting the cost of appointed representatives
Experts warn that a proposed £250 AR fee by the FCA could leave many brokers out of pocket
Brokers have been urged to pay attention after the Financial Conduct Authority (FCA) revealed a proposal to introduce a £250 fee for principal firms for every appointed representative (AR) they have.
Compliance experts predicted that the news would lead to a decline in the number of ARs in the market. They further noted that this is a sign that the regulator is finally taking additional action after it found “significant shortcomings” in the control and oversight of ARs in the general insurance
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