Advisers will be included in a new directory proposed by the FCA aimed at helping consumers and other firms check the status and history of people working in financial services.
The directory would include people who hold “senior manager” roles that, under the new Senior Managers Regime, would need FCA approval and also people whose jobs require firms to certify they are “fit and proper”. The FCA says this would include advisers.
The regulator says the directory will include more information about people working in financial services than is currently available and the proposal is based on feedback from consumers and firms.
FCA retail and authorisations supervision executive director Jonathan Davidson says: “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.”
The regulator today also published “near final” rules on the extension of the Senior Managers and Certification Regime to almost all regulated firms.
Davidson says: “The [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.”