The AR regime, explained
Plain explanations of the terms in the FCA’s Appointed Representatives regime, with the Handbook rule behind each one.
- Annual AR review
- At least every 12 months a principal must review each AR's solvency, suitability, people and the adequacy of its own oversight. What the rule requires.
- Annual self-assessment
- Every year a principal's governing body must approve a self-assessment of how the firm meets SUP 12. What it must cover, and what the FCA found.
- Appointed Representative (AR)
- An Appointed Representative carries on regulated activities without FCA authorisation because a principal firm accepts responsibility for it. The rules, explained.
- AR agreement
- Every AR needs a written contract with its principal. The terms SUP 12.5 requires, and what the FCA criticised in 2026.
- Firm details attestation
- Each year a principal confirms its own and its ARs' details on the FCA Register within 60 business days of its accounting reference date.
- Fit and proper assessments for AR staff
- How a principal assesses the fitness and propriety of an AR's people, which roles need FCA approval, and how SM&CR applies inside ARs.
- Introducer Appointed Representative (IAR)
- An IAR may only introduce customers and hand out non-real-time promotions. What it can and cannot do, and which SUP 12 rules still apply.
- Multiple principals
- When an AR may act for more than one principal, what the multiple principal agreement must cover, and how REP025 is split.
- Notifying the FCA about ARs
- A new AR needs 30 days' notice, an activity change ten days, and a termination ten business days from the decision. The forms and deadlines.
- Principal firm
- What an FCA principal firm must establish before appointing an AR, and the oversight it owes every AR afterwards under SUP 12.
- PS22/11
- PS22/11 brought 30-day AR notification, annual reviews, the self-assessment and REP025. What changed, and the dates it took effect.
- Regulatory hosting
- A regulatory host offers, for profit, a service through which unconnected firms become its ARs. The definition, the 60-day notice and the FCA's concerns.
- REP025
- REP025 is the annual return of complaints and revenue for every AR and IAR, due within 60 business days of the principal's accounting reference date.
- Scope of appointment
- An AR is exempt only for the activities its principal has accepted in writing. How scope is set, notified, changed and policed.
- SUP 12
- A map of SUP 12, the FCA Handbook chapter on Appointed Representatives: appointment, contracts, oversight, reviews, notifications, termination and records.
- Triggered review
- SUP 12.6A.3R names five events that require a principal to review an AR outside the annual cycle. All five, and the common mistakes.
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