FCA Launches New Financial Services Register

The FCA has launched an updated version of the financial services register, phasing out the existing one. The regulator also prepares to greatly expand disclosure under the senior managers and certification regime.

July 27 2020 | AtoZ Markets – The UK Financial Conduct Authority (FCA) has updated its Financial Services (FS) Register, with changes including a simpler design and clearer language. The regulator said the revamp aims to help consumers protect themselves from harm and will provide a better experience for the Register’s users.

What are the key changes in the FCA financial services register?

The Register – which in the past year had more than seven million unique users – is a service for anyone that wants to see firms and approved individuals that are involved with regulated activities.

In recent months the financial services register, which in the past year had more than seven million unique users, has found itself the target of fraudsters attempting to clone the webpage.

The enhanced Register has been tested with consumers and other users to ensure it is easier to use and understand.

Key changes in the FCA financial services register include:

  • a clearer navigation and design
  • simpler language
  • more information on the Register’s purpose, how to use it and how to avoid scams
  • important information being made more prominent, including past actions against individuals and firms, and consumer protections
  • optimisation for some mobile devices

The FCA says it will review and improve the FS Register on an ongoing basis, to ensure it meets the needs of users.

Jonathan Davidson, executive director of supervision – retail and authorisations, said:

“The Financial Services Register is an important tool for both the consumers and firms who use it. These changes will make it easier for users to navigate and understand the Register, and in doing so, help them avoid financial harm such as scams by unauthorised firms and individuals.”

FCA to publish a directory of certified & assessed persons

Under the Senior Managers and Certification Regime (SM&CR), the FCA had announced its commitment to publishing and maintaining a directory of certified and assessed persons on the Financial Services Register. Having already announced a delay to this, the FCA now intends to publish it later this year.

The FCA is also currently proposing to extend the previous deadline of 9 December 2020 for solo-regulated firms to submit information about Directory Persons to the Register to 31 March 2021.

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