FILE PHOTO: A woman exercises with a dog near the City of London financial district, in London, Britain, April 30, 2021. REUTERS/John Sibley
December 3, 2021
LONDON (Reuters) – Britain’s financial watchdog set out proposals on Friday to apply lessons from Greensill Capital, the supply chain finance company owned by tycoon Sanjeev Gupta which collapsed in March.
The Financial Conduct Authority said it would make changes to its appointed representative regime (AR), which allows an unauthorised company to conduct some regulated activities without a licence, as long as the company is supervised by an authorised firm.
Originally conceived in the 1980s for sole traders or small firms selling services like insurance, it allowed Greensill to operate in Britain without a licence to conduct business worth millions of pounds.
“The FCA is seeing a wide range of harm across all sectors where firms have ARs,” the FCA said in a statement.
(Reporting by Huw Jones; Editing by Rachel Armstrong)
Source: One America News Network
