What does it take to be an Appointed Representative

An Appointed Representative is a firm or individual that carries on regulated activities under the regulatory umbrella of a fully Financial Conduct Authority (FCA) authorised firm like Citrus Compliance.  The authorised firm is known as the ‘Principal’.

The Financial Services and Markets Act (FSMA) 2000 sets out the activities that fall within the scope of UK financial services regulation and gives the Financial Conduct Authority (alongside the Prudential Regulation Authority) functions and powers to authorise and supervise firms. Any firm (whether a business, a not-for-profit or a sole trader) carrying out a regulated activity must be authorised or registered by the FCA, unless they are exempt.

FCA Authorisation Summary | FCA

FCA Regulated Activities | FCA 

The FCA requires an AR firm to have a Principal (a fully FCA authorised firm)  who will supervise and take responsibility for an AR’s FCA Compliance.

We strive to make our services affordable to all companies regardless of their size, please contact us for a personal quote.

First we ask you to fill in our online application form,  and we then ask you to supply supplementary  documents. Then we complete our Due Diligence checks. After passing all the checks we will submit your application to the FCA to appoint you and your company as an Approved Person and Appointed Representative.  You then complete your suite of training modules and once complete, the contract is signed.

Once we have received all necessary information and documentation from you, our checks take one to two weeks.

The average time for the FCA to process an AR application is around 8 weeks. 

You will have to meet the FCA's standards and comply with the rules and principles relevant to your business. We will help you achieve this. 

We ask for you to be open and honest so together we can work towards the best outcomes for your business and your clients.

You will trade under our regulatory umbrella. You don’t have to be directly authorised hence saving thousands of pounds and lots of additional work. We provide you with all the guidance and support you will need.

Low set up and monthly fees.

We take care of your clients complaints (with regards to the regulated activity)

Citrus Compliance will provide you with FCA training.

We let you keep your own brand.

We help you to make sure your advertising is compliant too.

No. But within the firm there needs to be an individual who takes responsibility for the conduct of the firm and compliance with our guidelines. This individual is known as the ‘CF1(AR)’. 

Senior Managers and Certification Regime | FCA

Yes. Citrus reserves the right to decline an application and without reason. Due to the confidential nature of our vetting process, Citrus will not provide reasons for refusal.

You can cancel your AR contract at any time, we only ask for 3 months’ notice. There are no penalty fees. You must also not be appointed as an AR with any other principal unless with written permission. This is to ensure your clients are protected and the regulatory responsibilities remain with Citrus.

Yes some networks allow you to have dual principals. However, Citrus does not enter into dual principal agreements at this time. You can however switch to our network if you are already an AR.