FCA’s Directory list and the option for Bulk upload – deadline
end of March
It has been
said that the FCA crack team of cybermen can make changing a light bulb a
herculean task by opting to hold the bulb while we – the fee paying regulated community
- maneuver the house around the light bulb.
And so it is with the FCA directory.
Fed up with years of abuse from IFAs about how inaccurate the register
is, the FCA have switched the industry with responsibility for keeping it up to
date – Sir Humphrey lives on!
you have 1-4 persons, you should do this upload manually as its faster and
easier and has a deadline of the end of the month. https://www.fca.org.uk/firms/directory-persons
spreadsheet only really comes into its own after 6-10+ people and I believe has
an earlier cut off date as it will require a review process.
https://www.fca.org.uk/publication/documents/user-guide-multiple-add.pdf - bulk
attached spreadsheet, and grit your teeth while I explain the 70 column
spreadsheet that we have to wrestle with! https://ifac.eu/download/get_file.php?download_id=WkZYd1k1R0x0OVBLcmtySXBmTGVKUT09
is held here….
Its best to
see this as a two- or three-part application that may apply to you only in part
or in full depending on your role/s:
management responsibilities – “O” to “AX”
Facing roles – “AY” to “CR”
as sole trader, AR individual to the firm “AY” to “CR”
Management – Director or Senior manager/supervisor role.
- Ø 1-9 are FCA regulated roles and then
the PRA equivalent positions (presumably if you are jointly regulated as FCA
and PRA they both apply
- Ø Choose from the dropdown list for
“Role (1) and complete the start date; move to Role (2) and select from the
dropdown another of the roles …. Until you have covered the management roles
that are not client facing. If the person does not advise this will cover all
that is required
- Ø Typically for Investment firms you
as the Director will have roles (4)(6)(7)(8) and (1) if you hold client funds.
- Ø Typically for Mortgage firms you
will be (4)(6)(7) and (1) if client funds are held.
Facing roles – Advisers, sole traders, and AR advisers:
- Ø Client facing Investments, mortgage,
Equity release advisers need to carry on doing “AY to CR” if they do not SM
roles. Carry on if you are a Director that advises.
- Ø If you are an adviser that is a sole
trader (or self-employed/acting as AR) this is also “AY to CR”
- Ø If you administer a contract for
life insurance, you will need to include this in “BJ to CG”
- Ø If your firm also handles
administration relating to a life policy, then you need to add this too.
- Ø Advising via an AR firm – the FCA
would expect the adviser to be vetted under the principal firm’s certification
process and thus should be reflected as and requiring qualification to advise
for the principal firm.
you will need to add the place of work address and the accredited bodies –
Finally …. If
a date is out, a name misspelt, or an NI number a digit out …. The
application will be returned for amendment.
So check this carefully.
makes it a little easier but if you are stuck - and you are a member - we are here to assist!
If you're submitting for fewer than 10 individuals, use our
single user guide and submit by 31 March
Or, if you're submitting for 10 or more individuals, use
our multiple add and multiple amend guides and submit by 18 March