The FSA issued some welcome news to the industry at last week's CII conference. Sarah Wilson, head of the regulator's high street firms division, told delegates that the FSA would be clamping down on unauthorised firms who were conducting regulated activity.
That the FSA will be taking an early and close look at the 'perimeter' of regulation is good for the industry. Brokers who have spent many months slaving over compliance will want to see the regulator making an example of those who have not.
This week, Compliance Zone looks at the mechanics of appointed representative (AR) agreements. Brokers who are looking to take advantage of secondary markets will, in the main, wish to make secondary intermediaries their ARs. The agreements needed to do this are complex. Alan Hughes gives an overview of what they must contain.
Michael Faulkner
If you have received a 'minded to authorise' letter, email:
michael.faulkner@instimes.co.uk
