FCA proposes new Directory of financial services workers

Press Releases First published: Last updated: 04/07/2018

The Financial Conduct Authority (FCA) has today proposed a new Directory to help consumers and firms check the status and history of individuals working in financial services.

The Directory will include all those who hold Senior Manager positions requiring FCA approval and those whose roles require firms to certify that they are fit and proper. This includes those in consumer-facing roles, such as mortgage and investment advisers.

The Directory has been designed to provide user friendly, practical and easy to understand information. For example, consumers will be able to search by location to find local advisers.

The FCA’s proposals are based on feedback on what consumers and firms would expect from the Directory. It includes more information about individuals working in financial services than is currently available and does so in one, user-friendly place.

The FCA is also today publishing the near final rules on the extension of the Senior Managers and Certification Regime (SM&CR) to almost all regulated firms. Firms can now access the Guides to the SM&CR to understand what steps they need to take to prepare for its implementation.

Jonathan Davidson, Executive Director of Supervision (Retail and Authorisations) at the FCA, 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.

“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. 

“The Senior Managers and Certification Regime sets clear standards for the conduct that consumers and regulators expect from all financial services staff.  These standards of behaviour are central to the FCA’s priority of promoting healthy cultures in firms.”

Video: An Overview of the Senior Managers and Certification Regime

We have provided an overview of the Senior Managers and Certification Regime.

Notes to editors:

  1. Read PS18/14: Extending the Senior Managers & Certification Regime to FCA firms - Feedback to CP17/25 and CP17/40, and near-final rules
  2. Read PS18/15: Extending the Senior Managers & Certification Regime to insurers - Feedback to CP17/26 and CP17/41 and near-final rules
  3. Read PS18/16: Final Guidance: the Duty of Responsibility for insurers and FCA solo-regulated firms
  4. Read CP18/19: Introducing the Directory
  5. On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
  6. The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this, it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
  7. Find out more information about the FCA.