If you decide to move from being an appointed representative (AR) to being authorised, you will have to give notice to your principal.
Once you do this they might say you can’t carry out regulated activities during your notice period. But as long as you remain registered as an AR, we have no objection to you trading until the date of authorisation.
Applying and getting approved for authorisation does not override any contractual obligations you owe to your principal - these are things you should discuss with them.
We will take references from your principal(s) to process your application – please inform them in advance that we will be doing this, otherwise there may be delays.
Your principal will become responsible for any regulated business you did while you were its appointed representative. You will need to agree with your principal how they can have direct access to your client files in case of a client complaint.
If you want to carry on dealing with your existing customers you should check that your agreement with your principal allows you to do this.
If you become directly authorised by us you will become responsible for, among other things:
- having professional indemnity insurance
- compliance, and
- the liabilities of your business
You will need to ensure you have systems in place to cope with these obligations.