Regulation

FCA launches new Financial Services Register

Rozi Jones
|
27th July 2020
FCA new
"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"

The FCA has today launched its updated Financial Services (FS) Register.

The redesign aims to help consumers protect themselves from harm and will provide a better experience for users with a simpler design and clearer language.

The Register – which had more than 7 million unique users in the past year – allows customers 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 updated register will also make important information more prominent, including past actions against individuals and firms, and consumer protections optimisation for some mobile devices.

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.

Jonathan Davidson, executive director of supervision, retail and authorisations at the FCA, 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."

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