The UK’s Financial Conduct Authority (FCA) is consulting on a new directory to check the status of senior managers and people in consumer-facing roles in financial services.
The proposed directory aims to offer practical and easy to understand information about these individuals, who require FCA approval and the respective firm’s certification to operate. It will also enable consumers to locate local advisers.
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The proposals by the regulator are based on feedback from consumers and firms.
FCA executive director of supervision (retail and authorisations) Jonathan Davidson said: “We’ve listened to feedback from firms and consumers about the importance of being able to check the status of financial services staff.
“Introducing the directory will make it easier for people to be confident they can find the right people to deal with.”
The FCA also published the near final rules on the extension of the Senior Managers and Certification Regime (SM&CR) to regulated firms, including a guide on the steps to be taken for its implementation.
“Today’s publications are all about making sure that consumers can interact confidently with financial services professionals by setting clear standards for the behaviour of those individuals, and making available information about their fitness and propriety,” Davidson added.
