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FCA faces fresh calls to expand adviser register

Members of the Chartered Body Alliance have called for the FCA to make it easier for consumers to check if advisers are aligned to professional bodies.

The CBA comprises the Chartered Insurance Institute, the Chartered Institute for Securities and Investment and the Chartered Banker Institute.

On behalf of its 200,000 strong member base, the bodies say individuals who have a “personal commitment to higher standards” should be differentiated to provide wider choices to potential customers.

CII chief executive Sian Fisher says: “[Consumers] would have a clear indication about the adviser’s ability to practise and also have a clear signpost to further information about the individual from the professional body itself – for example, information about further qualifications and specialisms on the professional body’s website.”

CISI chief executive Simon Culhane says it is “materially relevant information” and that advisers who are members of professional bodies should get added recognition.

VouchedFor: FCA directory could see more ‘bad’ advisers being picked

He says: “Being a member of a Chartered professional body is an achievement signifying an ongoing personal commitment to high levels of knowledge, skills and behaviour that go beyond the minimum standards required by regulators.  I believe the public should be able to differentiate.”

The FCA says an updated directory will include more information about people working in financial services than is currently available, but is yet to confirm details, including those around the searchability of advisers’ professional work records.

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