The FCA is consulting on plans to retain a full public register of authorised advisers after concerns were raised that upcoming regulation could reduce the amount of information available to consumers.
Under the Senior Managers Regime, which the FCA is planning to roll out to advisers later this year, the regulator would only approve senior management at firms, and individuals below them would be certified by the managers.
However, this would mean that only senior individuals would appear on the FCA’s register.
In a statement this morning, the FCA says it has received “substantial feedback” on how valuable maintaining a central record of all individuals would be, including IFAs, traders and portfolio managers.
The regulator says: “The FCA has listened to this feedback and will consult by summer 2018 on policy proposals to address this feedback.”
While the register has been criticised for its flaws and out of date information, many advisers have expressed concerns over the impact of scrapping it.
Personal Finance Society chief executive Keith Richards says that the trade body had been working on a “credible alternative” to provide as much information as possible on advisers for the public should the regulator’s register cut many IFAs off.
The regulator says this morning that it will issue another update soon on the work it is doing to make the register more user friendly, taking on board suggestions from MPs on the work and pension select committee, who have recently been investigating bad advice over defined benefit pension transfers.