New Financial Services Register

As planned, the Financial Services Register was taken down over the weekend, to provide a new enhanced register.

Post SM&CR, this no longer has certified and assessed people on, though the directory of these people will be added later in the year, to enable consumers to check details of who they are working with.

So how does it look?

Well, it isn’t groundbreakingly different, but this is the FCA, so it was never going to be. It is, however, a bit cleaner looking, mobile responsive, and has a good user video which takes just two minutes to explain in clear language how the consumer should be using the website.

On the downside, it has listed anyone who is not an SMF role as Previously involved in the firm. This is a direct result of SM&CR and will be better when the new directory is available. But, as it stands, without an explanation to the client as to what Previous involvement, there is a very strong chance that they will misconstrue the information and believe that the adviser is no longer associated with that company.

A simple explanation added here by the FCA could make all the difference…

What you need to do

If you have any links in your documents or website to the Financial Services Register, they will now need updating (unless it is to the homepage, which is still in the same location). Click here to access the register.

If you haven’t already, submit information necessary for the Directory. The deadline of 9th December 2020 has been extended to 31st March 2021, but as this is a crucial part in protecting consumers, we’d encourage you to have your data submitted as soon as possible.

New Financial Services Register

Cathi Harrison – Founder and Director