24 Hour Loans glossary of financial terms

Appointed Representative

An appointed representative can either be an individual or a company that you use to get advice on buying specific types of financial products such as insurance policies or investment products, for example. The representative will be appointed to work on the behalf of one company and to advise on and sell their products and services to consumers and/or businesses. An appointed representative has basically been authorised to represent this particular company and no other.

Appointed representatives will not necessarily work for the company they represent in the standard manner. Most will actually be self-employed advisors. Under current legal requirements they do not themselves need to be regulated or authorised by a relevant industry body such as the FSA as they will be covered by the company they represent. This company will take responsibility for this side of things. In certain circles, these representatives are also known as tied agents as they are limited to advising on and selling the products and services of only one company.