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#FCA mulls plans to place advisers on separate consumer register

By 3rd January 2018No Comments

​Revamp of FS Register on cards

​The FCA is considering plans to create a separate register that would include financial advisers, in the wake of feedback received on its proposals for the Senior Manager & Certification Regime (SM&CR).

In August last year, a freedom of information request submitted by Professional Adviser to the Financial Conduct Authority (FCA) revealed all CF30 certified workers, which includes all financial advisers, would no longer be “approved” under the incoming SM&CR, meaning a number of advisers would fall off the Financial Services Register.

In a statement issued earlier this week, however, the financial watchdog said it had received “substantial feedback” on the public value of the FCA maintaining a central public record of certified employees and other important individuals in firms regulated by the FCA who would no longer appear on the register. 

As a result, it said, it would now consult on policy proposals to address any concerns.

The regulator confirmed to Professional Adviser it was considering a separate register that would include financial advisers, after confirming the note did not mean advisers would be reappearing on the register after the implementation of the new legislation. A date is yet to be set for the implementation of the SM&CR.

‘Improve usability’
Additionally, the statement suggested the financial watchdog was working on plans to improve the broader usability of the register.

The FCA has faced significant criticism recently for its handling of the British Steel Pension Scheme saga – particularly from the Work and Pensions Committee, which suggested in a report it should consider reforming the register entirely to make it more user-friendly.

In response, the FCA said it planned to issue an update “shortly” as it worked to improve the usability of the register and incorporated feedback from the government committee.

Aegon pensions director Steven Cameron said: “We live in an age where the public is increasingly being warned about the possibility of financial scams but, now more than ever, people do need professional financial advice.

“It is imperative people have an easily accessible place to go to identify legitimate, professional advisers. We hope the FCA will provide this through an improved register, offering full confidence to those seeking advice.”

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Tim Kelly

Tim is a highly qualified Independent Engineer with over 20 years experience as an Engineering Assessor of damaged vehicles.

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