The UK’s proposed Financial Conduct Authority’s (FCA) has proposed a new directory for financial services workers to make it easier for people to be confident they can find the right people to deal with.
Image: The FCA building. Photo: courtesy of FCA.
The new directory intends to help consumers and firms check the status and history of individuals working in financial services.
It will include all those who hold senior manager positions requiring FCA approval, in addition to those whose roles need to certify that they are fit and proper.
The regulator’s directory is applicable for workers who are in consumer-facing roles such as mortgage and investment advisers.
Designed to offer user friendly, practical and easy to understand information, the directory will help consumers to find local advisers by location.
The financial regulatory body said the proposals are based on feedback on what consumers and firms would expect from the directory.
The directory will provide more information about individuals currently working in financial services.
In addition, the FCA also issued the near final rules on the extension of the Senior Managers and Certification Regime (SM&CR) to all regulated firms.
The rules will help firms to access the guides to the SM&CR to understand what steps they require to take to prepare for its implementation.
FCA supervision (retail and authorisations) executive director 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.
“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.
In June, the FCA’s review on retail banking sector has showed that some customers are paying significantly more for their current accounts, via unarranged overdraft charges and fees.
The FCA has provided an update on its strategic review of retail banking business models, which focused on personal current accounts (PCAs) payments, the possible impact of technological and regulatory developments such as open banking and changes to payment services due to the revised Payment Services Directive (PSD2).