Context
In line with the FCA’s stated objectives in its 2021/22 Business Plan, the FCA has issued a survey questionnaire to what appears to be a large sample of Principal firms in relation to their ARs / IARs. We are aware that one firm that has just one AR has received the survey, and that another firm that only has IARs has also received the survey.
Key points to note
The e-mail which accompanies the survey is marked for the attention of the Managing Director/Chief Executive and is positioned as a s165 notice, meaning that its completion is compulsory. The FCA intends to use the data collected to inform its policy development for the future and will support its supervisory work on ARs.
- The survey, which must be completed and submitted by 17th December 2021, asks firms to provide information about their ARs and about their own business in relation to ARs. This includes information on the ARs’ activities, complaints against ARs and the revenue of ARs.
- The survey includes instructions on how to complete it and should be self-explanatory.
- Firms are asked to provide all the information requested in the survey. If the data is not available or the question is not relevant to a firm, the firm can respond ‘N/A’ where applicable.
- Firms can use the comments box at the end of each section of the survey to provide any further comments if you wish to do so.
- Please note that some of the information requested is for each AR. If firms have more than a small number of ARs they should ensure that they allow plenty of time to complete this.
Next actions
Firms which have Appointed Representatives or Introducer Appointed Representatives should carefully study the content of the survey questionnaire, note the required information and start to gather the detail as soon as possible to allow a timely and accurate submission to the FCA.