Information to be recorded on each representative should include:
A firm is required to retain these records for at least three years from the date of the termination or the amendment of the contract.
For tied agents the records must be retained for five years.
New customers can no longer open accounts on the firm's website, but existing ones still risk losing money as there are no protective measures in place.
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Jonathan Herbst reveals hidden themes and governance challenges in the FCA's review, including the level of effort that the regulator is expecting firms to make.
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Regulators warn customers they could face heavy termination fees if they decide to keep one representative and cancel the others.
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Regulators, Bank of England representatives, and private sector players met this week to discuss the future of payments.
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The FCA says its approach to what listed companies will be expected to report in the future is pragmatic and proportionate.
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