Many of our members will be aware that, on 12 February, HM Treasury published its long-anticipated consultation on reform of the Appointed Representatives (AR) regime. With around 34,000 ARs currently operating under the permissions of nearly 2,400 FCA-authorised firms, the government views the AR regime as an important part of the provision of financial services in the UK. Their aim is to ‘shore up confidence’ so that it can continue to deliver a range of benefits to businesses, consumers and the wider UK economy.