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Wednesday, February 20, 2019


FCA proposes new directory of financial services workers

Tom Belger | 14:08 Monday 9th July 2018

The FCA has proposed a new directory to help consumers and firms check the status and history of individuals working in financial services.

The directory would include all those who hold senior manager positions requiring FCA approval and those whose roles require firms to certify that they are fit and proper.

This will include those in consumer-facing roles, such as mortgage and investment advisers.

Consumers will be able to search by location to find local advisers as the FCA hopes to make the directory user friendly and easy to understand.

The proposals follow feedback on what consumers and firms would expect from the directory and includes more information about individuals working in financial services than is currently available.

“We’ve listened to feedback from firms and consumers about the importance of being able to check the status of financial services staff,” said Jonathan Davidson, executive director of supervision (retail and authorisations) at the FCA.

“Introducing the directory will make it easier for people to be confident they can find the right people to deal with.”

The regulator has also published the near final rules on the extension of the senior managers and certification regime (SM&CR) to almost all regulated firms.

Firms can now access the guides to the SM&CR to understand what steps they need to take to prepare for its implementation. 

“Today’s publications are all about making sure that consumers can interact confidently with financial services professionals by setting clear standards for the behaviour of those individuals, and making available information about their fitness and propriety,” added Jonathan. 

“The senior managers and certification regime sets clear standards for the conduct that consumers and regulators expect from all financial services staff.  

“These standards of behaviour are central to the FCA’s priority of promoting healthy cultures in firms.”

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