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FCA directory will include mortgage advisers for first time

  • 08/03/2019
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FCA directory will include mortgage advisers for first time
Mortgage advisers will be included in the Financial Conduct Authority’s (FCA) directory of regulated people for the first time.


The regulator confirmed the move as part of its final rules for the directory and it will include brokers who are appointed representatives.

The directory is a public register enabling anyone to find information on key individuals working in financial services.

This will include all directors and senior managers, all staff certified, and other important individuals who undertake business with clients and require a qualification to do so.

It is expected to go live in March 2020.

The initial proposal for the directory was criticised by trade body UK Finance for “requiring firms to publish information which will be of little use to the public”.

And it also received criticism from Robert Sinclair, chief executive of the Association of Mortgage Intermediaries.

In its PS19/07 policy paper, the regulator said: “The directory will include individuals performing roles that will no longer be made public on the financial services register following the introduction of the senior managers and certification regime (SM&CR).

“It will also make public information on additional roles, such as those providing mortgage advice, for the first time.”

Banking firms and insurers will be able to 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 from 9 December following commencement of the SM&CR for solo-regulated firms.


Empower customers, reduce unsuitable advisers

Announcing the rules, the FCA said publishing the information on a regular basis would empower customers to make sure they only dealt with individuals assessed as fit and proper by an authorised firm, and those who have appropriate qualifications.

The regulator added that it will enable firms to cross-check references, make their staff known to customers and make it more difficult for unsuitable individuals to operate.

And it will also support the FCA, law enforcement, professional bodies and other regulators in monitoring the market, building intelligence and targeting interventions.

Jonathan Davidson, executive director of supervision, retail and authorisations at the FCA, said the directory will help firms understand the employment history of candidates when hiring.

He said: “Firms will need to take all necessary action to gather the required information and ensure its accuracy prior to submission.”


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