View more on these topics

New FCA directory to include adviser qualification details

The FCA has finalised its plans to set up a new Directory for financial services workers, including advisers, which will include details of membership of accredited bodies for the first time.

This means that, alongside details of the advice firm that appear, advisers in customer facing roles will have their membership of bodies like the The Chartered Insurance Institute, Chartered Institute for Securities and Investment and London Institute of Banking and Finance also appear on their records.

The Directory will also include a list of all the types of business the individual is qualified to undertake – including pension transfer specialists – and whether they will interact face-to-face, online or over the phone.

The FCA will also include information on mortgage advisers for the first time.

The FCA says it received around 500 responses to its consultation, with 99 per cent being in favour of setting up the Directory. A number suggested improvements, in light of which the FCA made a number of changes to their original plans, including adding the accredited body memberships and customer engagement methods available.

The Directory will also include a “health warning” to alert consumers where a firm’s listing may be out of date, for example if it had not updated its information in at least 12 months.

The Senior Managers and Certification regime is due to be extended to all firms later this year, including financial advisers, requiring senior managers to be approved by the FCA, have documented lines of responsibilities, and then ensuring the competence of more junior staff themselves each year.

Currently, the Financial Services Register run by the FCA lists all staff in senior management, controlled functions and customer-facing roles.

While this will continue, it would contain fewer individuals, because, under the SMCR, only specified senior manager roles need to be approved by the FCA, and so only those would appear on the register.

Firms will be able to start inputting data to the Directory from 9 December, when the SMCR comes into force for all firms.

The FCA’s paper says: “Our aim is to empower customers and other stakeholders to make sure they only deal with senior management functions or those who an authorised firm has assessed as fit and proper, or otherwise suitable and those who have appropriate qualifications.”

Recommended

2

How to become a financial adviser: diplomas, degrees and workplaces

Information on how to become a financial adviser is sparse. Money Marketing speaks to advisers about what the requirements really are and how best to meet them. Speaking to financial advisers and planners today, each will have a unique and varied story about how they entered the profession. There are more than a handful of pathways […]

Tapering of annual allowance – adjusted and threshold income

The definitions of adjusted income and threshold income used to determine whether, and to what extent, someone’s annual allowance will be reduced can be confusing.  Here we try to make sense of it all. The annual allowance will be reduced for high income individuals from 6 April 2016.  Our previous article Tapering of annual allowance […]

Appeal-Court-High-Court-Building--700x450.jpg

State pension court showdown set for summer

A judicial review about changes to the state pension age for millions of women born in the 1950s will take place from 5 to 6 June. The Department for Work and Pensions has confirmed that last November’s decision by the High Court to grant permission for a judicial review will go ahead in the summer. […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Have they nothing better to do?

  2. Slightly misleading headline

    Details of membership of a professional body is not quite the same thing as the qualifications an adviser holds.

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