The Financial Conduct Authority have asked us to remind all members to complete the S165 data collection on Appointed Representatives before 28 February 2023. Failure to do so could lead to enforcement action.

The note from FCA also included the following:

“Our initial analysis of the data we have received shows some of the most common errors when submitting the data include:

  1. firms failing to submit details for all of their ARs and
  2. firms submitting the wrong FRN for their ARs:
    1. submitting their own FRN as that of the AR
    2. noting the FRN of a different AR in the submission
    3. using an old FRN of an AR (for example if the AR used to be directly authorised and then became an AR, and acquired a new FRN in the process)

Firms can double check their AR population details against the Financial Services Register.

The removal of these errors will mean the data is more accurate and we will not have to contact your members for the correct data.”

If you have any question, or would like more information on this, please contact symon.cook@rmif.co.uk.