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Mortgage advisers to feature on second database of ‘fit and proper’ individuals

  • 04/07/2018
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Mortgage advisers to feature on second database of ‘fit and proper’ individuals
The Financial Conduct Authority (FCA) has proposed another directory, further to the comparison tool proposed in the Mortgages Market Study, to help consumers and firms check individuals working in financial services.



This follows proposals in the Mortgages Market Study out on 4 May to consult with the intermediary market to develop a searchable tool to help consumers compare the quality and service of UK brokers.

This new directory will include all those who hold Senior Manager positions requiring FCA approval and those whose roles require firms to certify that they are fit and proper. This includes those in consumer-facing roles, such as mortgage and investment advisers.

The FCA was unavailable to confirm whether the two proposed databases will dovetail.

The FCA said: “[The] directory has been designed to provide user friendly, practical and easy to understand information. For example, consumers will be able to search by location to find local advisers.”

The regulator said the idea is based on consumer feedback outlining their expectations of what the database should disclose on individuals in financial services, in one searchable place.


Senior Mangers and Certification Regime

The extension of the Senior Managers and Certification Regime (SM&CR) to almost all regulated firms is also being published today. Firms can now access the guides to the SM&CR to understand what steps they need to take to prepare for its implementation.

Jonathan Davidson, executive director of supervision (Retail and Authorisations) at the FCA, said: “Today’s publications are all about making sure that consumers can interact confidently with financial services professionals by setting clear standards for the behaviour of those individuals, and making available information about their fitness and propriety.

“The Senior Managers and Certification Regime sets clear standards for the conduct that consumers and regulators expect from all financial services staff. These standards of behaviour are central to the FCA’s priority of promoting healthy cultures in firms.”

The consultation on the database opens today and closes on 5 October with a policy statement due out in Winter 2018.


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