PS22/11: Improving the Appointed Representatives regime

Consultation opens: CP21/34
Consultation closes
Policy Statement
Rule changes take effect

We set out the final rules for the Appointed Representative regime to enhance consumer protection and help protect markets. We also respond to feedback to CP21/34.

Read PS22/11 (PDF)

What we are changing

We consulted on changes to protect consumers and address harms across all the sectors where principals and ARs operate. We are requiring principals to provide more information on Appointed Representatives (ARs), and clarifying and strengthening the responsibilities and expectations of principals.

Who this is for 

  • all firms that currently have ARs 
  • firms that intend to have ARs in the future
  • ARs themselves

Next steps 

The changes took effect on 8 December 2022. Principals should read our updated rules and expectations and take necessary steps to ensure they comply.

As part of our enhanced reporting requirements, between 8 and 12 December 2022 we sent principal firms a Section 165 request. The request asks principals to provide information about their ARs. 

Firms have until 28 February 2023 to respond.

We also remind firms that new AR notification forms came into effect on 8 December 2022. Find out more on our pages about:


The Appointed Representatives (AR) regime is set in primary legislation. It allows self-employed representatives to engage in regulated activities without having to be authorised. Where harm occurs, it is often because principals do not do adequate due diligence before appointing an AR, and/or due to poor ongoing control and oversight.

Page updates

: Information changed To reflect when we sent our Section 165 request
: Information added To reflect our Section 165 request
: Information changed Next steps details updated
: Information added Update following publication of Policy Statement PS22/11.
: Information changed next steps updated as consultation closed
: Addendum added 13 January 2022 addendum