FCA launches new financial services register

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The UK’s Financial Conduct Authority (FCA) has today launched its updated Financial Services (FS) Register – including a simpler design and clearer language in a bid to protect consumers from financial harm.

The register – which had more than seven million unique users in the past year – is a service for anyone that wants to see firms and approved individuals that are involved with regulated activities.

It can help consumers avoid scams and enables firms to cross-check references and make their key staff known to customers, the FCA said. The enhanced Register has been tested with consumers and other users to ensure it is easier to use and understand.

The FCA said that 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 announced 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.

Source: https://www.internationalinvestment.net/

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