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Financial services regulatory update: Appointed Representatives consultation, BoE reporting reductions, digital gilt pilot, banking competitiveness review, PSD2/MiCA transition, banks-NBFI linkages, IAIS operational resilience (12 February 2026)

Published on: 12 February 2026

Published by a LexisNexis Financial Services expert
Legal News
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Article summary

Financial services developments HMT consults on changes to the Appointed Representatives regime

HM Treasury (HMT) has opened a consultation on plans to amend the legislative framework governing Appointed Representatives (ARs), prompted by worries that inadequate supervision of some ARs is exposing consumers to harm. Feedback is requested by 9 April 2026. HMT explains that the targeted adjustments set out in the paper would:

  • curb misconduct linked to ARs. Firms seeking to utilise ARs would first be required to secure approval from the Financial Conduct Authority (FCA), allowing the FCA to confirm they possess the right expertise and capacity to supervise their ARs effectively
  • ensure appropriate consumer protections are in place when problems arise...

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