||An appointed representative can either be an
individual or a firm. They are appointed, but not employed by, one
company or group for whom they obtain business, be it a life company or
an independent intermediary. If they are appointed by a life company,
they are restricted, in the same way as company representatives, to
selling and giving advice on the products of that company only.
Appointed representatives are exempt from the requirement for
authorisation because their investment activities are the responsibility
of the company which appoints them.