---
title: "Appointed Representatives glossary: SUP 12 terms explained · Merrin"
description: "Plain explanations of the terms in the FCA's Appointed Representatives regime, from SUP 12 and PS22/11 to REP025, triggered reviews and regulatory hosting."
url: https://merrin.ai/glossary
---

# 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](https://merrin.ai/glossary/annual-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](https://merrin.ai/glossary/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)](https://merrin.ai/glossary/appointed-representative)**

An Appointed Representative carries on regulated activities without FCA authorisation because a principal firm accepts responsibility for it. The rules, explained.

**[AR agreement](https://merrin.ai/glossary/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](https://merrin.ai/glossary/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](https://merrin.ai/glossary/fit-and-proper)**

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)](https://merrin.ai/glossary/introducer-appointed-representative)**

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](https://merrin.ai/glossary/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](https://merrin.ai/glossary/ar-notifications)**

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](https://merrin.ai/glossary/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](https://merrin.ai/glossary/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](https://merrin.ai/glossary/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](https://merrin.ai/glossary/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](https://merrin.ai/glossary/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](https://merrin.ai/glossary/sup-12)**

A map of SUP 12, the FCA Handbook chapter on Appointed Representatives: appointment, contracts, oversight, reviews, notifications, termination and records.

**[Triggered review](https://merrin.ai/glossary/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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