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FCA Publishes Consultation On New Directory Of Financial Services Workers

Lawyer Hopes New Public Register Will Help Increase Accountability

12.07.2018

David Shirt, Press Officer | 0161 838 3094

The FCA has published a new consultation paper, CP18/19,  on a new directory of financial services workers as part of its obligations under the Financial Services and Markets Act 2000. The current financial services register provides a public record of approved regulated firms and individuals. It includes information on a firm's senior management, control staff and customer facing roles. Following the extension of the senior managers and certification regime, the new directory will contain fewer individuals on the basis that only specified senior manager roles at firms will be approved and thus need to appear on the financial services register.

Under the FCA's proposals, the new directory will be a public register and user interface that:

  • provides public information on additional individuals carrying out a wider range of roles including all certified staff, non-senior manager function directors and sole traders or appointed representatives who conduct business with clients and require a qualification for doing so
  • presents information on these individuals in a manner that is more accessible and user friendly
  • enables user to find information on these individuals in a single public location.

A prototype version of the directory user interface has also been published in webpage version (accessible via the FCA website) and in PDF formal to allow users to explore how the directory would work and to provide feedback on their experience.

Feedback will remain open until 5 October 2018,  with the FCA aiming to publish its final rules in winter 2018.

Laura Kacoutie, Trainee Solicitor at Irwin Mitchell says: "The new proposals demonstrate FCA's commitment to promoting transparency and accountability of professionals working in the financial services sector. For consumers, the directory will instil a greater level of trust in  financial services workers  and will assist them in making more informed choices."

Expert Opinion
"After recent whistleblowing scandals in the City, we hope that the new public register will help increase accountability and the rule of law amongst regulated professionals working in Financial sector."
Emilie Cole, Partner