FCA announces details of the ‘Directory’

The FCA has published PS 19/7. 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. 

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 that will no longer be made public on Register following the introduction of the Senior Managers & Certification Regime (SM&CR).

This information will be made public through a newly designed user interface that is intended to be clear and easy to use.  

Publishing this information on an ongoing basis is intended to 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.

Solo regulated firms (firms regulated only by the FCA) will be able to start submitting the required data from 9 December 2019 and will have to have completed submission by 9 December 2020.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

Having originally intended to remove advisers from the FCA register, the outcry from inside and outside the industry around public access to information on advisers and firms, largely catalysed by the British Steel pension debacle, has resulted in a welcome change of heart at the FCA. We think this was an appropriate decision and the new Directory will be a useful source of information for the public.

Action Required By You

  • Add the submission of required data to your SM&CR action plan from 9 December 2019;
  • Contact your usual consultant or contact ATEB if you have any queries.
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Technical Manager - Often referred to as the Oracle or the Sage, Alistair has a wealth of financial services experience. He is our go-to Technical Manager and enjoys nothing more than a complicated conundrum. Feel free to test his renowned knowledge by getting in touch.

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