Are you preparing for the FCA Directory? - Thistle Initiatives

What will be happening?

The FCA Directory is the new publicly available register for checking the details of key people working in financial services. As part of the Senior Managers and Certification Regime (SM&CR), it will provide a full range of information.

The FCA Directory will include individuals performing roles that will no longer be made public on the Financial Services Register following the introduction of the SM&CR, and for the time being, it will remain separate from the Register. It will also make public information on additional roles, such as those providing mortgage advice, for the first time.

What will you need to do?

All firms other than banks and insurers and their ARs must submit their FCA Directory data between 9 December 2019 and 9 December 2020.

Firms can submit data using a new FCA Directory Persons Connect form. They will be able to submit data using a single entry form for a single record notification or via a multiple entries template.

Firms need to take all necessary action to gather the required information and to ensure its accuracy prior to submission.

The final rules affect three broad categories of individuals, who are referred to collectively as FCA Directory Persons:

• • all Certified staff (those holding a certification function under the Senior Managers and Certification Regime,
  • directors who are not performing Senior Manager Functions (SMFs) – both executive and non-executive, and
  • other individuals who are sole traders or ARs(including those within ARs) where they are undertaking business with clients and require a qualification to do so (this will cover individuals advising retail clients or performing discretionary management)

How can we help you?

If you’d like to know more about the FCA Directory or any other aspect of FCA compliance, our expert team is here to help. Contact us today on 0207 436 0630 – or email info@thistleinitiatives.co.uk.