FCA intervention leads to 19% dip in appointed representatives

FCA intervention leads to number of ARs declining in recent years

Sahar Nazir
clock • 1 min read

The Financial Conduct Authority (FCA) has reported a 19% drop in in the number of appointed representative (AR) firms in almost three years following its intervention.

The regulator's annual report for 2022/23, published last week, found that there were about 35,000 ARs operating at the end of the period. This figure has dropped by 19% over time from 43,000 in 2020. The FCA said it has introduced changes through new rules and guidance to improve principals' oversight of their ARs and raised ARs' standards. While complaints for both 2021 and 2022 show an improved position for firms, ARs still generate more complaints than non-principal firms overall, the FCA said. Earlier this month, COVER spoke to protection advisers concerned they are facing ...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

FCA names Chris Knight as director of insurance

FCA names Chris Knight as director of insurance

Joins from Legal and General

Jaskeet Briah
clock 09 March 2026 • 1 min read
The COVER Review: Spring Statement 2026, provider claims and a new market study

The COVER Review: Spring Statement 2026, provider claims and a new market study

Week commencing 2 March 2026

COVER
clock 06 March 2026 • 1 min read
CMA launches market study into private dental services

CMA launches market study into private dental services

Examining fair value

Cameron Roberts
clock 05 March 2026 • 2 min read