This Policy Statement sets out the final rules on the Directory, a new public register for checking the details of key individuals working in the financial services. It also summarises the feedback we received to Consultation Paper CP18/19 and our response.
The Directory will include information available through the Financial Services Register (The FS Register), as well as information about other individuals, including those performing roles no longer made public on The FS Register following the introduction of the Senior Managers & Certification Regime (SM&CR).
This information will be made public through a newly designed user interface developed to be clear and easy to use.
Publishing this information on an ongoing basis will help protect consumers and firms by making it easier to check whether individuals work for an authorised firm. It will also support the FCA, law enforcement, professional bodies and other regulators to monitor the market, build intelligence and target interventions.
Who this applies to
These final rules affect all relevant individuals who carry out work on behalf of almost every FCA-regulated financial services firm. Specifically:
- banks, building societies, credit unions and PRA designated investment firms (banking firms)
- insurers and reinsurers
- all other firms authorised to provide financial services under FSMA; including limited permission consumer credit firms, such as not-for-profit debt advice bodies and credit unions
- appointed representatives (ARs) acting as agent for FCA authorised firms
Banking firms and insurers can start submitting data on Directory individuals using our online system Connect or the multi-entry facility from around September 2019. All other firms can start submitting data as of 9 December 2019 following commencement of the SM&CR for solo-regulated firms.
Firms need to take all necessary action to gather the required information and ensure its accuracy prior to submission.