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FCA to launch Financial Services Register highlighting scam firms

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  • 04/09/2015
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FCA to launch Financial Services Register highlighting scam firms
The Financial Conduct Authority (FCA) is to launch a new Financial Services Register from Monday which will include unauthorised firms for the first time.

Firms that the regulator has been informed are providing regulated products or services without the required authorisation, or are knowingly running a scam, will be highlighted in the register’s search results by red text or a warning symbol.

Additional information on scam firms will include the different details being given out and whether they are falsely claiming to be from an authorised firm.

The FCA said the revamped register would have just one search field to help users find a firm, individual or collective investment scheme to make it easier to access information. Users will be able to search the register by entering a name, reference number or postcode.

The search function will allow users to filter results or find further details like contact information, the permissions a firm has and whether it is covered by the Financial Ombudsman Service and Financial Services Compensation Scheme.

It will also include clearer language and help text to explain some financial, technical and regulatory terms.

The FCA said its new register will include consumer credit firms that have interim permission, removing the need to search the current Consumer Credit Interim Permission Register separately.

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