FCA launches enhanced Financial Services Register

Ryan Fowler

July 27, 2020

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The FCA has launched its updated Financial Services (FS) Register which includes a simpler design and clearer language.

The redesign aims to help consumers protect themselves from harm and will provide a better experience for the Register’s users.

The FCA  said it will review and improve the FS Register on an ongoing basis, to ensure it meets the needs of users.

Jonathan Davidson, executive director of supervision – retail and authorisations, said: “The Financial Services Register is an important tool for both the consumers and firms who use it.

“These changes will make it easier for users to navigate and understand the Register, and in doing so, help them avoid financial harm such as scams by unauthorised firms and individuals.”

Under the Senior Managers and Certification Regime (SM&CR), the FCA had confirmed its commitment to publishing and maintaining a directory of certified and assessed persons on the Financial Services Register. Having already announced a delay to this, the FCA now intends to publish it later this year.

The FCA is also currently proposing to extend the previous deadline of 9 December 2020 for solo-regulated firms to submit information about Directory Persons to the Register to 31 March 2021.

Keith Richards, CEO of the Personal Finance Society, said: “We welcome the FCA’s announcement on the enhanced Financial Services Register. 

“In light of the significant impacts we have seen on households across the country due to the COVID-19 pandemic, the need for high quality financial advice has only grown, but also has the activities of criminals and scams.

“Therefore, providing a central register which can be relied upon by consumers and ensuring they are well informed is a vital part of bouncing back from the current economic downturn whilst ensuring the public have somewhere to turn.

“We look forward to working with the FCA to ensure that this new register can interact and work well alongside existing information sources, such as our own ‘accredited’ adviser directory, to ensure the information consumers receive is not contradictory and better empowers them to make lifelong financial decisions.”

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