The introduction of a new directory of regulated firms and individuals is set to be consulted on by the Financial Conduct Authority (FCA).
In a recent announcement from the regulator, the register will be designed to be user-friendly, with an aim to help consumers check the details of those in the financial services industry.
Proposals on plans around the register’s publications have been set out by the FCA, as well as a working prototype.
Following the release of the plans, the FCA states that it is now looking for feedback on the extent of information which should be published in the register, as well as a potential timeframe when firms would be required to submit and update information on their employees.
It’s expected that the register will include banking firms, insurers, firms authorised to provide financial services and appointed representatives acting as an agent for firms authorised by the regulator.
Commenting on the plans for the new register was Tom McPhail. The head of policy at Hargreaves Lansdown said: “Investors need to be able to check up on financial advisers and firms, this is essential if they are to trust the industry and to avoid fraudsters.
“The original Financial Services Register was not particularly user-friendly or easy to navigate and didn’t work well for consumers. The FCA has listened to the industry about the importance of a directory of this nature and has responded.”
