Can an incoming EEA firm appoint an AR in the UK?
Yes, but the firm must comply with the requirements set out in SUP 12 and also ensure that the AR satisfies the professional requirements set out in article 4 of the IMD. This is the case whether it is operating through a branch (and the AR itself can be deemed to be a branch if it is a ‘permanent presence’ of the firm) or on a cross-border basis. Under SUP 12, the incoming EEA firm must: • notify us in writing of the AR it has appointed; • notify us in writing if the AR will be carrying on insurance mediation activities and it is not already on the FSA Register for these activities; • take responsibility in writing for the AR’s activities; • check that the AR meets certain criteria so that it is fit and proper; • notify us of approved persons; and • comply with the provisions in SUP 12 on matters such as multiple principals and required terms of contracts with ARs.
Related Questions
- What if a UK firms website is accessed by a client in an EEA State, who then requests a pack or completes the application online - does this come under the passporting rules?
- What is the notification procedure for incoming EEA insurance intermediaries wishing to operate in the UK?
- Can an incoming EEA firm appoint an AR in the UK?
