Talk to our team of experienced industry professionals for quality and confidential advice

e-Learning login

17 November 2021

Under the SM&CR (Senior Managers and Certification Regime) introduced on 9th December 2019, the FCA has begun maintaining and publishing a directory of all certified and assessed persons on the Financial Services Register, this is so consumers and professionals can check the details of key workers within the financial services.

This does mean the Financial Services Register will show the name of any certified/assessed staff and Statutory Directors. Statutory Directors details can already be seen via Companies House public records.

However, the FCA is aiming to provide transparency for consumers and professionals alike and have a cohesive and complete overview of a firm in one place, also assisting the FCA to have a greater transparency of firms and those involved within them too.

Firms are required to submit any new Directory Persons to the FCA within 7 days of the change and if no changes have been made a Directory Persons Attestation will need to be submitted annually, if not they will be penalised with a fine of £250 and the Financial Services Register will show as not having been updated in the past year. Whilst this may seem small to some firms the Financial Services Register is viewed 7.5million times a year and provides reassurance to consumers of a firm’s legitimacy and can potentially cause a loss in revenue. Providing these details will improve consumer confidence in a firm.

By Ian Beardmore

Get in Touch

Speak to us to find out how we can help you: