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FCA to consult on future of adviser register

Neptune_Smart city conceptThe 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.”

Robert Sinclair: FCA disappoints on Senior Managers Regime clarity

While the register has been criticised for its flaws and out of date information, many advisers have expressed concerns over the impact of scrapping it.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 FCA has looked to improve its current register, for example giving clearer warnings against suspect advice firms and updating the technology it uses.

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.



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There are 6 comments at the moment, we would love to hear your opinion too.

  1. No way should the register be cut. We consult it regularly and often. We use it when recruiting to check employment history and we use it to check on other advisers when clients tell us they’ve had problems. Just looking at a list of an adviser’s former employers can tell you an awful lot about them, if you’ve been around a while and know how some firms operated compliance-wise. There’s a certain type of adviser who always seeks out the firms with the loosest compliance and the register is a great way to spot them fast. Considering the money we pay, the FCA does little for us that is of any use or that helps us in our daily work, but the register as it currently stands is an exception. If they do intend to take away the one thing we really value then they might as well just paint their contempt for advisers’ opinions on the side of their nice new offices with a six-inch brush.

  2. As the Principal of FCA 401101 it is of fundamentally Importance that a “Full” Register of all those giving Regulated Advice, including Mortgage and Protection is maintained by the Regulator, How could it, the FCA, sanction an adviser, if not, How Often have we heard from the Regulators, “As they are not regulated we can do nothing”. More Importantly, How on earth can you expect members of the public to ascertain the credentials of any individual Adviser if those upon to whom the Client relies to hold those regulated to account can not even confirm the names of those it regulates. Currently we are being advised that “millions” of clients funds have been lost to scurrilous non regulated advice, What ever the cost of such a register, it must be paid

  3. If the register is scrapped it will be an open invitation to the unscrupulous to exploit the unwary. Companies will open up , sell unsuitable and inappropriate products to the public, then shut down and then the rest of us will be left having to fund the huge number of claims that will ensue through the FSCS.
    Every regulated adviser should be individually registered through the regulator and appear on the register. This should not be left to the management of a regulated firm to do the regulators job for them.
    Before any of this happens the FSCS needs a completed overhaul to exclude unregulated products from its mandate. Regulated firms /advisers should be banned from recommending unregulated contracts. These should left to the unregulated salesmen whose clients should have no recourse whatsoever to the FSCS.
    If protection is required then only regulated advisers should be able to recommend non regulated contracts, with the caveat that this business should be subject to a separate regulatory category and not be subject to cover under the FSCS, so at least it does not affect the rest of us.

  4. I’ve always thought that the Headmaster of his school should know how many pupils, teachers and staff he has and all of their names (or least where to find them).

  5. Mr & Mrs Consumer Please check the register if an adviser is not on do not deal with him and if he deals in unregulted investments do not deal with him a simple health warning from the FCA will it happen not on your nelly

  6. I encourage clients to check me on the FCA register, It is what it is, other forms of checking through social media or firms websites may not be reliable. I would also agree with all the other comments.

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