Principal firms, and the oversight SUP 12 requires of them.
At the end of March 2026, 2,431 principals oversaw 33,347 appointed representatives: 20,728 full and 12,619 introducer 9.
The Bank of England and FCA's fourth survey of AI in UK financial services finds adoption, agents and third-party AI all up. Controls before deployment are near-universal; ongoing monitoring is reported by around half of respondents.
The FCA's review of AI in retail financial services sets out good and poor practice in three areas and says plainly that it does not create new requirements. The Consumer Duty and SM&CR carry the weight.
A 30-minute call, no deck. Bring the problem; we will tell you what we would do.