Jurisdiction(s):
United Kingdom

Key definition

Appointed representative definition

What does Appointed representative mean? A person or firm that carries on FCA‑regulated activities as the agent of an authorised “principal” firm, which takes regulatory responsibility for those activities vis‑à‑vis clients and the FCA. In practice, this enables distribution and network models to operate without each representative holding separate authorisation. Defined in section 39 of the Financial Services and Markets Act 2000 and elaborated in the FCA Handbook (SUP 12), an appointed representative is an “exempt person” for the appointed activities, provided there is a written contract with a principal that has the relevant permissions and effective oversight. The arrangement must limit the scope of activities,...

FCA Approved Persons Regime for Appointed Representatives (UK): applications to perform controlled functions, notifications, variations and withdrawal of approval, and required forms

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Practice notes

NOTE:

On 15 July 2025, the government unveiled the Leeds Reforms, aiming to streamline the SM&CR. At the same time, the PRA and fca issued consultation papers CP18/25 and CP25/21. The regulators outline a two‑phase reform, with Phase Two to follow subject to legislative change under HM Treasury consultation; see News Analysis: Reform of the SM&CR-Proposals and next steps.

In February 2026, HMT consulted on the Appointed Representatives Regime, including proposals to bring appointed representatives within the scope of the SM&CR. The consultation closed on 9 April 2026. For further detail, see SM&CR-one minute guide-Policy development.

This Practice Note reviews aspects of the Approved Persons Regime (APR), contained in Part V of the Financial Services and Markets Act 2000 and in SUP 10A of the FCA Handbook, which applies to appointed representatives (ARs) of SM&CR Firms (as defined in the decision tree in SYSC 23 Annex 1). It covers procedures concerning FCA‑approved persons in ARs, including:

applications for FCA approval to perform a controlled function (CF)
notifications of changes
the relevant APR forms

For more on the APR for appointed representatives, including details of CFs for ARs, see Practice Note: APR...

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Web page updated on 28/05/2026

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