In a recent article, the Financial Conduct Authority (FCA) have warned that any authorised firm engaging an Introducer (or referrer or lead generator) to help promote their financial products will be held responsible (and subject to regulatory action) if:
- the Introducer goes beyond their remit when ‘introducing’; and/ or
- the potential end customer is given unsuitable or misleading advice.
A recent report by the FCA highlights areas of concern and warning signs you should be looking for. Certainly worth a read if your business makes use of Introducers!
If you have any concerns, you should get in touch with the FCA direct and/or request-a-quote for legal advice via the CloudLegal website. You can purchase a general Introducer Agreement (one-way) template or an Introducer Agreement (two-way) template on www.cloudlegalsupport.com if you don’t have an agreement currently in place.