Wealth management trade body PIMFA has criticised Financial Conduct Authority (FCA) plans to levy a new fee against firms with appointed representatives, saying more transparency is needed.

Appointed representatives (ARs), a regulatory mechanism through which people and firms can act as agents for directly-supervised firms, have come under scrutiny in the wake of the Greensill collapse.

Greensill had piggy-backed into the UK market via American-owned ACA Mirabella, which has a bu...