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

1 million young people not in education, employment or training: Milburn

1 million young people not in education, employment or training: Milburn

“Not a record of passivity. It is a record of failure”

Cameron Roberts
clock 29 May 2026 • 2 min read
April IHT receipts down but net widens

April IHT receipts down but net widens

11 months from pensions falling within IHT scope

Jen Frost
clock 22 May 2026 • 3 min read
IPT collects £499m in April 2026

IPT collects £499m in April 2026

Lowest level for April in four years

Jaskeet Briah
clock 22 May 2026 • 2 min read