Thistle supports firms in two ways – either to act as Principal firm themselves and have their own Appointed Representatives (ARs) or, via a member of the Thistle Group, to become an AR of a Principal firm, therefore avoiding the need to be directly authorised by the FCA.
Being a Principal firm
We work with firms to help them identify their sources of business so they are clear what constitutes a passive introduction (especially taking into account the new IDD definition and changes to PERG) and where introducing spills over into assisting. It is key to be clear what activities you are prepared to allow your ARs to undertake given it is your permissions they rely on and what they do or don’t do is your regulatory responsibility.
We provide a due diligence service on prospective ARs and their Approved Persons prior to take on, we can review documents and processes as part of the take on process and we help Principal firms develop risk-based monitoring plans and compliance infrastructures. We also offer an outsourced audit service – both remote and onsite – depending on the risk factors and the Principal’s own requirements.
Being an Appointed Representative
Resolution Compliance, a Thistle Group company, acts as principal firm and has a number of Appointed Representatives. It has permissions for insurance, financial advice, crowdfunding and peer 2 peer lending. For more information on becoming an Appointed Represented, visit the Resolution website.