"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."
- Jennifer Peaty, head of regulatory consultancy for SimplyBiz
Last year, the Financial Conduct Authority (FCA) published various alterations to the AR regime, effective from the 8th December 2022. However, there are transitional provisions around these new reporting requirements and annual assessments to give firms time to comply before the deadline of the 28th November 2023.
Prepared to support AR and principal firms in achieving this feat, SimplyBiz has launched its AR support programme, which includes an audit (this is now an annual requirement), guides, and resource library so that AR firms can review and assess the efficiency and robustness of its internal systems, controls, procedures, and reporting to the principal firm.
This will assist the principal firm in monitoring and managing the activities of its AR firms in line with the standards expected by the FCA.
Commenting on this announcement, Jennifer Peaty, head of regulatory consultancy for SimplyBiz, has 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.”