News & Analysis

FCA proposes directory of finance workers, but can it improve AIM accountability?

04 Jul 2018 | by: Patricia Miller

The UK financial watchdog has proposed a new directory to help consumers and firms check the status and history of individuals working in financial services. The Financial Conduct Authority (FCA) said the register will include all those who hold senior management positions that require approval as well as roles that need firms to certify that individuals are ‘fit and proper’. These typically include consumer-facing roles such as mortgage and investment advisers.

The FCA said the directory is designed to provide user-friendly, practical and easy-to-understand information based on feedback from both consumers and firms. The regulator is now a consultation seeking feedback on what individuals to include in the directory, the information to be published, and when firms need to submit and update employee information. The consultation will close on 5 November before a policy statement is issued later in the Winter A so-called ‘prototype’ version of the directory can be found here, using the password: [email protected];

Jonathan Davidson, executive director of supervision (retail and authorisations) at the FCA, said:

‘We’ve listened to feedback from firms and consumers about the importance of being able to check the status of financial services staff. Introducing the directory will make it easier for people to be confident they can find the right people to deal with.

‘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.’

Today’s news is likely to be music to the ears of AIM investors, with a lack of accountability repeatedly being raised as an issue in the market- particularly in the wake of this year’s Beaufort scandal. Do you think the FCA is going far enough? We would love to hear your thoughts on Twitter.

Author: Daniel Flynn, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

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