Huddersfield-based SimplyBiz launches new Appointed Representative support programme

At the end of last year, however, the FCA published changes to the scheme, which took effect from December 8.

Simply Biz’s programme will include an audit, which is now an annual requirement under the new rules.

The firm says its new programme is designed to offer “dedicated support, guidance, and peace of mind” for both AR and principal firms as they navigate the Regime’s new landscape.

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.”

Whilst the rules applied from December 8, there are transitional provisions around the new reporting requirements and annual assessments to give firms time to comply before the deadline of November 28.

SimplyBiz’s support programme, guide, and resource library, is designed to review and assess the “effectiveness and robustness” of an AR’s internal systems, controls, procedures, and reporting to the principal firm.

The Yorkshire company says 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”.

Last year, the Huddersfield firm also launched a new onlinehub designed to help businesses to understand new Consumer Duty legislation.

The launch followed a year-long programme of support on Consumer Duty, including events, communications, guides, and policy updates.