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FCA Regulation Round-Up

Posted by Admin on 2021-09-17 16:45:50 BST

A number of interesting snippets were included in this month's email from the regulator. However, their brevity within quite a packed email makes them likely to be overlooked, so we thought it useful to extract and repeat here.

Changes when adding an AR.

From 16 September 2021 firms applying to add an Appointed Representative via Connect will be required to submit an accompanying Form A, individual application (CF1 AR) and / or (CF 30 AR) simultaneously.

The amended process will combine Add Appointed Representative notifications with the requirement for firms to submit a Form A application. The FCA have stated that this will allow them to look at the 'whole picture'.  This should prevent issues where AR firms have been added but then AR's senior management are found to be undesirable.

The process for Introducer Appointed Representative notifications, Changes to Appointed Representatives and Sole Trader notifications will remain unchanged.

Operational resilience - analogue telephone network switch off.

You may have already heard about the move to a digital telephone network but the FCA have felt it appropriate to remind firms to keep this on the radar so they don't suddenly end up without telephone lines, card machines, faxes (does anyone still use those?), burglar and fire alarms or any other system using the current analogue lines (known as  Public Switched Telephone Network or PSTN).  BT Openreach is starting to switch this off across the UK with final exchanges switched over to digital by the end of 2025.   

More details are available at

Revised powers to remove unused permissions.

The FCA have published draft guidance on a new power enabling them to quickly remove regulatory permissions that firms are no longer using. The changes will help to ensure the FCA Register presents a clearer picture of the permissions firms hold and help prevent consumers being misled by incorrect or outdated information. 

Firms were reminded by the Regulator in January 2021 of their obligation to review permissions and ensure they are up to date or removed if not needed. The consultation is open for input until 29 October 2021.

The redirect from is being switched off.

Please make sure any websites/weblinks or documentary references to the FCA website use the correct URL as the redirect is being terminated from 1 October 2021.


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