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Glossary

PS22/11

PS22/11 is the FCA policy statement, published in August 2022, that tightened what principals must do before and after appointing ARs and what they must tell the FCA. It followed consultation paper CP21/34 and came into force on 8 December 2022.

What it changed

  • A new AR must be notified to the FCA at least 30 days before it starts regulated activities (SUP 12.7.1R). Before PS22/11 most ARs were notified within ten business days after they started.
  • More information is required on appointment, including company number, non-regulated activities, the reason for the appointment, the financial relationship and a first-year revenue estimate (SUP 12.7.2G).
  • A change to an AR's regulated activities must be notified at least ten days before it takes effect (SUP 12.7.7R).
  • Principals must review each AR at least annually and on specified triggers (SUP 12.6A.2R, 12.6A.3R), and their governing body must approve an annual self-assessment (SUP 12.6A.6R).
  • Principals report complaints and revenue for each AR every year in REP025 (SUP 12.7.9DR), and check their ARs' details on the Register (SUP 16.10.4R).
  • Regulatory hosts must give 60 days' notice (SUP 12.7.9AR), and AR contracts must let the principal terminate when it can no longer oversee the AR (SUP 12.5.5R(4)).

The first deadlines

  • The first annual review and the first self-assessment for ARs held on 8 December 2022 were due by 30 November 2023.
  • REP025 and the annual check of AR details first applied to accounting reference dates on or after 1 December 2023.
  • Existing contracts needed the new termination term at their first renewal or revision after 8 December 2022.

Common misconceptions

“The notice period for a new AR is 60 days.”
Sixty days was the consultation proposal. The final rule is 30 days. Sixty days applies only to becoming a regulatory host.
“PS22/11 changed the law on ARs.”
The regime is set by section 39 FSMA and the Treasury's regulations. PS22/11 changed the FCA's rules.

In Merrin

Each PS22/11 obligation has a place in Merrin: filings carry their FCA lead times, reviews run annually and on triggers, and REP025 is drawn from the returns already collected.

FCA filings

Sources

Checked against these sources on . This is general information, not legal advice.

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