The FSA has called for an improvement by retail networks in their supervision of appointed representatives (ARs).
This follows an FSA survey which found a number of potential shortcomings, in areas such as the level of compliance resource in principal firms, the quality of desk checks and field visits to check ARs' compliance, the use of computer systems for monitoring ARs and how far networks operated a risk-based approach to monitoring of ARs.
Alison Hewitt, the FSA's head of department, retail firms division, said: "We expect networks to apply appropriate controls on their ARs so that these firms maintain the same standards as directly authorised firms in their dealings with customers.
"Our emphasis at this stage is to help networks improve and the factsheet is designed to help achieve this. However, we will be carrying out further work next year to monitor the position and will take appropriate action where concerns remain."
