View more on these topics

FCA adds find-an-adviser function to register

Network UK mapThe FCA has added a function to its register where consumers can search for the closest financial adviser to them.

The new function allows people to search for an adviser by entering a postcode.

Unauthorised firms are flagged in red with an accompanying note saying: “We strongly suggest you avoid dealing with this firm”.

Details of unauthorised and authorised firms posted include direct email and telephone contact details, as well as firm reference numbers and addresses.

Details of appointed representatives and introducers are also listed and users are able to see details on any parent companies of firms.

The FCA defines introducers in a statement below all listed introducer firms.

It says: “This is a firm that can introduce customers to another firm or members of the firms group, and/or give out certain kinds of marketing material.”

Commenting on the introduction of the register search function, Yardstick Agency founder Phil Bray says: “This is a welcome change to the register, which hopefully will be supported by a publicity campaign to increase consumer awareness. If it can help to match consumers with the right advice firm that has to be a good thing.”

FCA gets tough on cyber attacks as Tesco Bank faces record fine

In July, the regulator published a consultation paper including proposals for advisers to be included in a new directory aimed at helping consumers and other firms check the status and history of people working in financial services.

FCA retail and authorisations supervision executive director Jonathan Davidson had said its launch would “make sure customers can interact confidently with financial services professionals by setting clear standards.”

Adviser review site VouchedFor had criticised that proposal, saying many advisers “from brilliant to inconsistent to completely rogue” were listed as approved.

Chief executive Adam Price said advisers responsible for the British Steel Pension Shceme saga had been included in this.

Andrew Tully: FCA data exposes worrying pension withdrawal rates

Moving forward, Bray says the FCA will need to ensure the register remains up to date with correct website links and contact details.

The regulator won a 10-year long dispute over the upkeep of the register in August, after the Complaints Commissioner ruled it was no longer productive to continue using its resources for the investigation.

Money Marketing has approached the FCA for comment.

Recommended

MM-AutumnBudgetBanner
3

Lifetime allowance 2018/19 increase confirmed but pensions absent

The Government has confirmed that the lifetime allowance 2018/19 will rise in line with inflation, but savers have been offered little else in the Autumn Budget. The lifetime allowance will increase from £1m to £1,030,000 to match CPI from 2018/19.  Though the maximum amount the can be saved each year into a Junior Isa or […]

Delivering advice and guidance in the workplace

Three advisers share their ideas and experiences of helping employees with their financial decisions The workplace is instrumental in engaging people to save for retirement. How are advisers helping employers provide advice or guidance to their employees? Telephone guidance Financial education provider and advice firm Wealth at Work recently launched a telephone guidance service to […]

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg
97

How much are advisers charging for pension transfers?

Defined benefit pension transfer charges are being put under the microscope again as the regulator turns over more potential conflicts of interest. With the British Steel Pension Scheme the latest to dominate headlines and the FCA ready to interrogate further as it extends its review to include all firms authorised to give pension transfer advice, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

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

  1. Well done FCA.

  2. As Neil said …well done FCA !

    It has to be said the FCA are best placed to ensure the information is updated immediately so everything is current and accurate.

  3. Well done the FCA. Now all you need to do is to a) have a direct ‘radio’ button, b) enable a filter for Independent C) give no. of years authorised

  4. It’s definitely an improvement, but does need some tweaking still. As an example, my firm comes up for mortgages and investments, but not for pensions. That may be because we don’t provide DB transfer advice, however 80% of our funds under management are pension monies and the majority of our client meetings are discussions about planning for or during retirement using appropriate vehicles including pensions, investment and (in theory) lifetime mortgages (hence why we have mortgage qualifications and permissions for equity release, but rarely advise a client to arrange one as we’ve usually done all the hard work with them earlier to ensure adequate pension and investment provision)

    • Oh, only fair to say well done FCA. Praise where it is due, but please continue to improve and correct it, don’t leave it at that.

      • For me, part of the issue I have with this is the descriptors used:
        Directly Authorised Firms – This firm has requirements or restrictions placed on the financial services activities that it can operate. Requirements or restrictions can include suspensions.
        Appointed Reps – This is a firm that can act on behalf of another firm (its principal) that is authorised in the UK or regulated in another EEA country.
        Comparing these two side-by-side, I’d be concerned about the references to suspensions (even if the actual restriction may relate to MiFID business, which in most cases it does and is not a restriction at all, per se). An AR on the other hand, sounds like an offshoot of potentially a multinational company.
        I’m not implying that DA firms provide “better” advice than an AR, simply that – in my view – the descriptors used slightly tilt the playing field in favour of AR firms.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com