Are you ready for the FCA’s Financial Services Directory?
What’s happening?
The first phase of the FCA’s public-facing online directory (Financial Services Directory) of professionals working in financial services goes live at the end of next month, with phase two to follow later this year. If you’re in any way unsure what this requires of your firm, please read on.
Banks and insurers have until 9 March to submit data on all ‘directory persons’ in their employment (see below). All other solo-regulated firms have until 9 December – with their data going live on the FCA Financial Services Directory later that month.
In line with the aims of the Senior Managers and Certification Regime (SM&CR), the Financial Services Directory will give consumers and businesses a convenient way of checking or validating information on financial services professionals and/or identifying potential service providers.
What do you need to do?
You need to submit verified data on all directory persons before the relevant deadline. This includes staff in certification functions as defined by the SM&CR, executive and non-executive directors not performing Senior Manager Functions, and sole traders or AR staff in customer-facing roles that require a qualification, e.g. advising retail clients.
Along with details such as national insurance and/or passport numbers, the information required includes name and any previous names, role(s) with start and end dates, and activities undertaken. For those in customer-facing roles, details are also required on customer engagement methods, workplace location and professional body memberships.
The mechanism for submitting data is the FCA’s Connect system. Once you’ve submitted details for your own and any relevant AR staff, you need to amend your register entries within seven days whenever directory persons’ details change.
Data can be submitted using the FCA’s new directory persons Connect form – either in the form of single entries or using a template for adding multiple entries. Ownership and responsibility for maintenance remain with your firm.
How can we help you?
Our specialist team can provide effective guidance and assistance with any aspect of the FCA’s Financial Services Directory. For example, we can help you review the adequacy of your current directory reporting plans and provisions and ensure you’re well-positioned to satisfy the FCA’s regulatory requirements. To find out more, contact us at info@thistleinitiatives.co.uk or call now on 0207 436 0630.