FCA Appointed Representatives for Investment Managers & Advisers
What is an Appointed Representative (AR)?
To set up as an FCA Appointed Representative (AR) (also known as FCA Umbrella Hosting) you would need to demonstrate a sound business model and track record in the financial services that you would like to arrange or advise on.
Whether you are currently an Appointed Representative looking to move to a new FCA Principal or simply thinking about making your move into the AR umbrella space, we can help with a complete 'turnkey' solution, ranging from company formation, registered office and infrastructure support.
The formal legal status of an Appointed Representative can be found on the FCA website by clicking here. We always recommend that those interested in the AR umbrella model read and understand the legal obligations.
We’re Here to Help if you…
- Want to get to market quicker as a regulated financial services firm;
- Need assistance in compliance and oversight, whilst having direct control and
- Want to focus on the growth of your business;
- Are not happy with your current FCA Principle and want to work with someone more supportive towards your strategic direction;
- Are looking for a Principle with a wide range of FCA permissions to conduct your business in UK & Europe
- Want to launch your own investment products or investment solutions giving you access to European investors.
Our Objectives in Helping You…
- Help you grow and develop your firm with like-minded partners and service providers;
- Give you peace of mind around compliance, software, financial promotions and ongoing regulatory requirements;
- Reduce your regulatory and infrastructure costs so you can focus on your core business;
- Ensure your financial stability by offering flexible working agreements;
- Enable you to work with your new and existing clients and partners with reassurance and confidence.
- Help you grow as a financial services firm.
Appointed Representative Vs Direct FCA Authorisation?
- No FCA returns or annual fees;
- No Capital Adequacy or Auditing Requirements;
- Access to XCAP’s compliance resources;
- Ongoing compliance training;
- No CF10 or CF11 requirements;
- We are your back office and compliance team, promoting industry best practice.
Direct Authorisation – Things to Consider:
At XCAP Global, we help our partners become directly authorised by the FCA when they feel the time is right. Here are some regulatory, compliance and financial considerations to think about when becoming directly authorised:
- Application process can take up to 12-18 months;
- Annually audited accounts by an independent auditor are required;
- Management & Forecast accounts will be required;
- A sound Compliance Framework is necessary;
- AML and Compliance Monitoring Programmes are required;
- Regulatory Capital must be posted;
- Dedicated personnel for compliance, anti-money laundering and regulatory functions are required;
- FSCS annual fees may be payable (depending on the firm's activities);
- Annual FCA fees may be payable;
- FCA GABRIEL reporting is required twice annually.