SimplyBiz has announced the launch of an Appointed Representative (AR) support programme, designed to offer dedicated support, reliable guidance, and peace of mind for both AR and principal firms as they navigate the regime’s new landscape.

At the end of last year, the FCA published changes to the AR regime, which took effect from 8 December. Whilst the rules applied from this date, there are transitional provisions around the new reporting requirements and annual assessments to give firms time to comply before the deadline of 28 November.

SimplyBiz’s support programme, which includes an audit (now an annual requirement under the new rules), guide, and resource library, will review and assess the effectiveness and robustness of an AR’s internal systems, controls, procedures, and reporting to the principal firm. In turn, this will help the principal firm establish that it is monitoring and managing the activities of its AR firms effectively, appropriately, and in line with the standards expected by the FCA.

Jennifer Peaty, head of regulatory consultancy for SimplyBiz, said: “Whilst the recent changes to the AR Regime won’t affect the majority of firms, those who are impacted are likely to experience significant changes to the way in which they need to work. The requirement of an annual audit for all AR firms is one of the elements of the new rules which we believe will cause the most work for firms, and we believe this service will help to remove a burden from those affected.

“Vitally, I would remind firms of the deadline of the 28th of November this year by which they need to have completed this piece of work, and urge them to get moving as soon as possible.”