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Britain proposes tighter rules to learn from Greensill collapse -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: The skyscrapers of The City of London are seen in London (Britain), September 14, 2020. REUTERS/Hannah McKay//File Photo

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LONDON (Reuters – Britain’s financial watchdog proposed Friday that it learn from Greensill Capital. The supply chain finance company run by Sanjeev Gopta, who collapsed in March.

Financial Conduct Authority stated that they would amend its appointed representative system (AR). The AR allows an unauthorised company, provided it is supervising by an authorised firm, to engage in certain regulated activities.

This was initially created for sole traders and small companies selling services such as insurance in the 1980s. It allowed Greensill, a British company that sells products or services in Britain to continue to trade without any license.

“The FCA is seeing a wide range of  harm across  all sectors where firms have ARs,” the FCA said in a statement.

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