FCA final rules on new financial services directory
On 8 March 2019, the FCA published details on the new directory of financial services workers. PS19/7 https://www.fca.org.uk/publications/policy-statements/ps19-7-finalising-directory
The FCA wants information easily accessible and understandable but has had difficulty reconciling this with its obligations under EEA law, and others it has imposed on itself under the UK only SMR regime. SMR regime abolishes the mandatory recording of CF30’s. This comes into play on 1st January 2020 and means you will not be able to see the track record of any CF30 IFA on the FCA register.
In effect IFAs will look more like mortgage brokers on the FCA register, where only the director information is shown. The FS register will contain fewer individuals, and focus on the directors. But when the new directory is introduced, and if it is well maintained, it will bring more visibility.
Mortgage advisers will be listed publicly for the first time, and will hold their place alongside full IFAs. However General insurance staff remain outwith the spotlight, and invisible on the directory, except for directors.
The final rules come into force on 9 September 2019 and the directory interface will go live in December 2020.