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FCA to hold delayed Annual Public Meeting this week
The Financial Conduct Authority’s delayed Annual Public Meeting will take place this week on Wednesday from noon to 12 midday as a virtual meeting.
The meeting was due to take place in September but was postponed because the FCA, like most public bodies, observed a period of official mourning following the death of the Queen.
One of the topics due to be discussed at the Annual Public Meeting is the regulator’s approved final changes to new rules for appointed representatives, paving the way for the changes to come into force from December.
The final changes include reducing the pre-notification period from 60 to 30 days.
ARs are not directly authorised by the FCA. They can only offer certain financial services or products under the responsibility of principal firms who are responsible to ensuring the compliance of the ARs.
The FCA has previously expressed concerns that while some principals do this effectively, others do not adequately oversee the activities of their ARs.
The regulator believes its new rules will help prevent customers being mis-sold by ARs and will prevent ARs undermining markets.
Parliament introduced the appointed representatives' regime through primary legislation in 1986. The new rules will take effect on 8 December.
Other topics expected to be discussed at the meeting include the FCA’s British Steel Pension Scheme compensation scheme and growing criticism of the regulator’s handing of the £46m collapse of mini-bond firm Blackmore Bond.
Attendees can sign up online to view and take part in the meeting.
• Those who have already registered can watch the live stream of the meeting and do not need to re-register, the FCA said. They will receive email updates about the event. New registrations can sign up here.