You are here: Home - News -

FSE: Senior managers could drop approved persons off FCA register

  • 14/09/2017
  • 0
FSE: Senior managers could drop approved persons off FCA register
Advisers at yesterday's Financial Services Expo (FSE) in London voiced concern to regulator the FCA that its new ‘Accountability 2’ senior manager and certification regime could mean the end of individual approved persons featuring on the FCA register.

A number of attendees raised concerns that current approved persons might be culled from the register because they would not meet the new requirements which would see only the firm itself and its senior managers listed.

The questions were raised at the end of a presentation on the topic by Peter Ewing, technical specialist, accountability at the FCA.

The FCA is currently consulting on its proposed new rules in this area – which Ewing said apply to nearly all FCA-regulated firms – and aim ‘to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their conduct and competence’.

In Ewing’s opinion, the views of advisers in this area should be made known via the consultation process to the FCA“We think it’s right that we don’t approve people below senior manager level, so those people who we did previously approve won’t appear on the register in the future,” he said.

Robert Sinclair, chief executive of AMI, revealed the trade body would be debating this issue at its next meeting.

“AMI want the FCA to keep some form of register of those who have been approved to be viewed by consumers,” said Sinclair. “We believe most advisers want to retain some form of register.”

Sinclair added that there would be no changes for one-man band, directly authorised firms. Larger firms with employees must take responsibility for their fitness and propriety, and individuals must have a certificate issued by the firm about this which must be reviewed every year.

Ewing issued a word of warning for appointed representative (AR) firms, for whom the new regime will not apply.

The existing approved persons regime will still apply to ARs – it’s an anomaly that we would like to clear up.”

The FCA’s Senior Managers consultation ends on 3 November.

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
Philip Hammond Chancellor
Chancellor pledges to avoid Brexit ‘cliff-edge’

Chancellor Philip Hammond last night sought to reassure the City that he wants to avoid a ‘cliff-edge’ for business and...