The Association of Mortgage Intermediaries (AMI) has warned that firms will be fined by the regulator if they do not submit Directory Persons information by 29 April.
The association was informed by the Financial Conduct Authority (FCA) that over 2,800 investment and mortgage advice firms had not yet done this despite the original deadline being 31 March.
The Directory Persons list is part of the Senior Managers and Certification Regime (SM&CR) and requires firms to submit certified staff of sole traders and appointed representatives.
These will be people who are qualified to carry out regulated activities with clients.
Additionally, if the information is not submitted correctly approved people may have their regulatory permissions removed.
Robert Sinclair (pictured), chief executive of AMI said: “There appears to be a significant number of investment and mortgage advice firms that have not advised the FCA of the requested adviser details by the end of March as required.
“The FCA has written to all those firms giving them a short time to rectify the position. AMI has written to all its member firms and are providing support to ensure they are all compliant.”
He added: “Firms who are not members should take urgent action if they get an email from the FCA regarding the directory and not ignore it as the implications are serious.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
