The Financial Conduct Authority (FCA) is consulting on plans to publish a new directory to help consumers and firms check the status and history of individuals working in financial services, with the aim of widening the information publicly available and putting it all in one, user-friendly place
The directory will 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 includes those in consumer-facing roles, such as mortgage and investment advisers.
The FCA says it will be designed to be easy to use. For example, consumers will be able to search by location to find local advisers. The directory will also draw on information published on the current FS Register, making it easier to search.
The consultation is seeking feedback on which individuals to include on the directory; what information the FCA should publish about each person; and when firms need to submit and update information about their employees.
Alongside the consultation paper, the FCA has published a basic prototype version of the directory. This is interactive so respondents can see how the directory could work and leave feedback.
The consultation closes on 5 October.
FCA consultation on introducing a financial services directory is here.
Report by Pat Sweet
