FCA Planning to Launch a Financial Services Directory
The Financial Conduct Authority (FCA) is planning to publish a new directory to assist firms and consumers in checking the history and status of individuals working in the financial services sector, with the sole objective of spreading the information by making it available for public access. FCA is also seeking consultation in this regard as well.
The directory will contain information regarding all those individuals holding senior manager/ executive positions that requires FCA approval. The directory will also contain information regarding individuals whom job roles/ duties require firms to confirm that the individuals are fit enough to discharge their roles. This also includes individuals that deal with consumers, such as investment advisers and mortgage agents.
The FCA has said that the directory would be easy to understand and use. For instance, the directory will allow the consumers to search advisers by location so that to find advisers in a specific location. The directory is also expected to include information already available through the current FS Register.
The main purpose of the consultation is to seek feedback regarding the individuals whom information should be included on the directory; what type of information should be published in relation to each individual; and when should the firms be required to update and submit information regarding their employees.
In addition to the consultation, the FCA has also published a sample version of the directory. The sample version is interactive so the respondents of the consultation can see how the directory will work and leave response to the consultation accordingly.