Financial Conduct Authority
FCA introduces final rules on the Directory of financial services workers
The Financial Conduct Authority (FCA) has today announced the final rules on the Directory - a new public register that enables consumers, firms and other stakeholders to find information on key individuals working in financial services.
Publishing this information on a regular basis will empower customers to make sure they only deal with individuals whom an authorised firm has assessed as fit and proper, or otherwise suitable and those who have appropriate qualifications.
The Directory will enable firms to cross-check references, make their staff known to customers and make it more difficult for unsuitable individuals to operate in the UK market.
This information will also support the FCA, law enforcement, professional bodies and other regulators in monitoring the market, building intelligence and targeting interventions.
These changes will allow users to search information on:
- all Directors and Senior Managers
- all staff certified as fit and proper by their firm
- other important individuals who undertake business with clients and require a qualification to do so
This information will be made public in a clear and easy to use format.
Jonathan Davidson, Executive Director of Supervision - Retail and Authorisations at the FCA, said:
‘The new Directory will help consumers to protect themselves from unauthorised individuals by clearly and easily identifying individuals who have been banned by the FCA. It will also help firms to understand the employment history of candidates when hiring.'
The final rules set out today require firms to report timely and accurate information about their Directory Persons. Firms will need to take all necessary action to gather the required information and ensure its accuracy prior to submission.
Banking firms and insurers can start submitting data on Directory individuals using the FCA’s Connect system or the multi-entry facility around September 2019. All other firms can start submitting data as of 9 December 2019 following commencement of the Senior Managers and Certification Regime (SM&CR) for solo-regulated firms.
The FCA will communicate additional information on what firms need to do, including the exact date when FCA systems will open for submissions from banking firms and Insurers at a later stage. Further information on the data submission process and deadlines may be found in PS19/7.
The Directory is expected to go live in March 2020.
Notes to editors
- Policy Statement PS19/7 – Finalising The Directory
- CP18/19: Introducing the Directory
- PS18/14: Extending the Senior Managers & Certification Regime to FCA firms - Feedback to CP17/25 and CP17/40, and near-final rules
- PS18/15: Extending the Senior Managers & Certification Regime to insurers - Feedback to CP17/26 and CP17/41 and near-final rules
Latest News from
Financial Conduct Authority
FCA highlights concerns when credit firms allow repeat borrowing07/08/2020 12:25:00
The FCA yesterday published the findings of a review into relending by firms that offer high-cost credit.
FCA consults on new rules to improve open-ended property fund structures04/08/2020 12:25:00
The Financial Conduct Authority (FCA) is consulting on proposals to reduce the potential for harm to investors from the liquidity mismatch in open-ended property funds.
New guidance to help firms do more for vulnerable consumers30/07/2020 16:20:00
The FCA has set out new best practice guidance for firms to do more to protect vulnerable consumers.
FCA to ban motor finance discretionary commission models29/07/2020 13:38:00
The FCA yesterday confirmed it will introduce a ban on discretionary commission models. This followed a consultation in October 2019.
FCA launches enhanced Financial Services Register to protect consumers28/07/2020 14:10:00
The FCA yesterday launched its updated Financial Services (FS) Register – including a simpler design and clearer language.
FCA seeks views on extending the implementation deadlines for the Certification Regime and Conduct Rules20/07/2020 12:25:00
The FCA recently (17 July 2020) published a consultation paper on making changes to its rules following the extension to the deadline by which FCA solo-regulated firms need to have implemented the Certification Regime.
FCA and City Corporation collaborate to help innovative companies drive recovery from coronavirus17/07/2020 12:25:00
The FCA and the City of London Corporation will collaborate on the pilot of a ‘digital sandbox’ to support innovative firms tackling challenges caused by the coronavirus (Covid-19) pandemic.
FCA provides guidance to firms on maintaining access to cash for customers16/07/2020 15:38:00
The FCA has today published draft guidance for firms setting out its expectations for banks, building societies and credit unions when they are considering closing branches or ATMs, or converting a free to use ATM to pay to use.
FCA confirms further support for motor finance and high-cost credit customers16/07/2020 12:25:00
The FCA yesterday confirmed the support that will be available for users of motor finance, buy-now pay-later (BNPL), rent-to-own (RTO), pawnbroking and high-cost short-term credit (HCSTC) products, who continue to face payment difficulties due to coronavirus (Covid-19).