NFDA’s F&I Working Group discussed the Government’s review of the Appointed Representative (AR) regime. The Treasury consultation on the regime opened in February and closed in April, with the Government expected to publish its response in the coming months. Any proposed changes are likely to affect firms operating under Principal Firm and Appointed Representative arrangements. Areas expected to be covered include increased governance requirements, greater oversight responsibilities for Principal Firms and additional reporting obligations. The Working Group noted that any changes could be particularly relevant for smaller and medium-sized members operating as Appointed Representatives or Principal Firms. Members are encouraged to monitor developments and consider whether any future changes to governance or reporting requirements could affect their business. NFDA will continue to monitor the situation and will provide further updates once the Government’s response has been published.