FCA targets advisers with financial services directory plans
The UK’s Financial Conduct Authority (FCA) is to highlight the career history and the ‘fit and proper’ status of financial advisers and senior management in a new directory listing all individuals working within financial services.
The new directory will highlight FCA-regulated financial advisers and list all senior manager positions requiring FCA approval and those whose roles require firms to certify that they are ‘fit and proper’. This includes anyone working in consumer-facing roles, such as mortgage and investment advisers, the UK regulator said in a statement announcing the launch.
The directory has been designed to provide “user friendly, practical and easy to understand information”, with consumers able to search by location to find local advisers, but the list will also act as a ‘go to’ guide to ensure that all advisers that claim to be regulated are who they say they are.
The FCA said that its proposals are based on feedback on what consumers and firms would expect from the directory. It includes more information about individuals working in financial services than is currently available and does so in one, user-friendly place.
Jonathan Davidson, executive director of supervision (retail and authorisations) at the FCA, said: “We’ve listened to feedback from firms and consumers about the importance of being able to check the status of financial services staff. Introducing the directory will make it easier for people to be confident they can find the right people to deal with.
“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.”