A group of regulatory experts have founded a brand new industry association, UK Compliance and Regulatory Association (UKCRA), to enhance professional standards and minimise risks within the regulated financial services industry.
FCA umbrella providers Lawson Connor, Linear Investment, Capital Systematics and Hutchinson Lilley are behind the venture.
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Lawson Conner said: "UKCRA is the professional forum where members implement and further develop these industry standards. We are therefore pleased to have been able to win the most relevant regulatory incubators and FCA umbrella providers in our industry for UKCRA."
Firms that are exempt from carrying out financial service activity can enter into agreements with an umbrella firm, also known as the principle firm, becoming an appointed representative (AR) which enables them to undertake regulated activities with the principle firm assuming responsibility for its AR.
Appointed representatives will be given direct access to UKCRA’s best practice dialogue, its frameworks and compliance standards.
UKCRA also plans to assists its member organisations in providing its FCA umbrella services within a standardised and transparent framework on a best practice basis. All UKCRA members have signed up to a professional code of conduct.
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