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FCA register puts ‘integrity of data’ as priority

Andrew-Bailey-Conference-Alt-2013-700x450.jpgFCA chief executive Andrew Bailey says the watchdog’s main priority for its register will be the accuracy of data displayed about individuals.

In a letter to MP Nicky Morgan, Bailey responded to comments Morgan made in the Daily Telegraph that the Treasury select committee would raise the issue of the register when the FCA next gives evidence.

In the letter Bailey writes about the work the watchdog is doing to strengthen the regime for reporting firm data so it is more reliable for consumers and businesses.

This includes ensuring information the FCA receives about firms entering administration is more quickly acted upon.

Improving the accessibility of the register is a key objective and the FCA plans to provide a free application programme interface in early 2019.

That will allow developers to provide services which can integrate register data with other data consumers use.

In the meantime Bailey says the search facility has been improved so consumers have a better chance of seeing warnings about cloned firms.

He also touches on a test function launched last month that enables consumers to search for financial advisers based on location.

The FCA also wants to introduce new reporting rules so it can take action against firms to ensure they meet their obligations to keep information up to date.

Advisers have had mixed reactions to the proposals so far.

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