New directory of financial services workers proposed by City regulator

PA

A new directory helping people and firms to easily check the status and history of staff working in financial services has been proposed by the City regulator.

The Financial Conduct Authority (FCA) said it would include people with senior manager positions needing FCA approval and those whose roles require firms to certify that they are fit and proper.

This includes people in consumer-facing roles, such as mortgage and investment advisers.

The FCA said the directory, which is currently being consulted on, has been designed to provide user friendly, practical and easy to understand information. For example, people will be able to search by location to find local advisers.

Jonathan Davidson, executive director of supervision (retail and authorisations) at the FCA, said: "We've listened to feedback from firms and consumers about the importance of being able to check the status of financial services staff.

"Introducing the directory will make it easier for people to be confident they can find the right people to deal with."

Tom McPhail, 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."

He continued: "The FCA has listened to the industry about the importance of a directory of this nature and has responded."