Appointed representatives and tied agents

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This Overview is a guide to the Financial Services content within the Appointed representatives and tied agents subtopic, with links to the appropriate materials.

In line with section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), a person cannot carry out a regulated activity in the UK, or purport to do so, unless they are either authorised by the Financial Conduct Authority (FCA) or the Prudential Conduct Authority (PRA) or are an exempt person in relation to that activity. This is called the general prohibition. Persons who are not authorised by the FCA or PRA and who carry out regulated activities on behalf of authorised persons will be exempt from the general prohibition as 'appointed representatives' (ARs) if they meet the requirements of FSMA 2000, s 39. Authorised persons with a limited permission to carry out certain credit activities will also qualify as ARs where they act on behalf of other authorised persons to carry out regulated activities outside of their limited permission if they meet the requirements of FSMA 2000, s 39(1D). Although they won't be exempt persons,

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Latest Financial Services News

IAIS publishes guidance on transitioning to a risk-based solvency regime

The International Association of Insurance Supervisors (IAIS) has published guidance for supervisors on transitioning to a risk-based solvency (RBS) regime. Developed in collaboration with the International Monetary Fund (IMF), the guidance outlines practical considerations for the design and implementation of an RBS regime, drawing on the experiences of several IAIS member jurisdictions. It notes that transitioning to an RBS regime is a medium- to long-term process and highlights the importance of adapting to jurisdiction-specific legal frameworks, supervisory capacity and stakeholder engagement. The document also addresses the organisational and cultural adjustments required within supervisory authorities and the insurance sector. A public webinar will be held on 26 June 2025 to present the guidance and answer questions.

SFO’s growth push a ‘difficult line to tread’ for prosecutor

Law360, London: The Serious Fraud Office’s (SFO) recent promise to assist UK Plc with growth has raised eyebrows among former officials who question the optics of adopting political talking points that, on the surface, appear to distract from investigating and prosecuting economic crime.

ESMA launches selection process for shares and ETFs CTP

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ESMA publishes statement on supervision of sustainability reporting under ESRS

The European Securities and Markets Authority (ESMA) has published a public statement on supervising sustainability reporting under the European Sustainability Reporting Standards (ESRS). Against the backdrop of uncertainty arising from the first ESRS application, uneven transposition of the Corporate Sustainability Reporting Directive (CSRD) and the Omnibus legislative proposals, and resulting questions about the approach to supervising sustainability reporting by national competent authorities (NCAs), the statement reaffirms NCAs’ and ESMA’s ongoing commitment to promoting transparent sustainability reporting. This includes efforts to mitigate greenwashing risks while also ensuring that measures applicable to issuers are proportionate.

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