SimplyBiz has introduced an appointed representative support programme designed to offer support, guidance and “peace of mind”.
The launch comes after changes to the AR regime which were published by the Financial Conduct Authority last year and took effect from December 8.
The programme, which includes an audit (now an annual requirement under the new rules), a guide, and a resource library, is designed to offer assistance for both AR and principal firms as they navigate the new regime.
It will review and assess the effectiveness and robustness of an AR’s internal systems, controls, procedures, and reporting to the principal firm.
According to SimplyBiz, this will help the principal firm establish that it is monitoring and managing the activities of its AR firms effectively and in line with the standards expected by the FCA.
SimplyBiz head of regulatory consultancy, Jennifer Peaty, said: “The requirement of an annual audit for all AR firms is one of the elements of the new rules which we believe will cause the most work for firms, and we believe this service will help to remove a burden from those affected.”
Peaty reminded firms of the deadline of November 28 this year (by which they need to have completed this piece of work) and urged them to get moving “as soon as possible”.
While the new rules have applied since December 8, there are transitional provisions around the new reporting requirements and annual assessments to give firms time to comply before the November deadline.
tom.dunstan@ft.com