A firm that undertakes regulated activities as an agent for an authorised person and is therefore exempt from authorisation. An AR can act for one principal (single principal model) for all regulated business. An AR with multiple principals is allowed only one principal for their investment business, both packaged and non-packaged policies, in regard to business with private customers (or equivalent). In regard to non-investment insurance (general insurance and pure protection) ARS are not restricted as to number of principals (i.e. product providers, intermediary or network). The principal takes responsibility for the AR’s compliance with FSA rules. Multiple principals work together on issues potentially damaging to clients via a multiple principal agreement with one taking the ‘lead’ for customer complaints. When an individual becomes an AR in regard to investment products he also becomes a financial adviser. See APPOINTED PERSON REGULATIONS; APPOINTED REPRESENTATIVE ACTIVITIES; INTRODUCER APPOINTED REPRESENTATIVES.