On 27 July 2020, the FCA published a press release confirming the launch of its updated Financial Services Register.
The purpose of the register is to allow consumers to conduct a degree of due diligence on individuals and firms with which they may conduct financial services business.
The key enhancements to the Financial Services Register are cited as being:
- a clearer navigation and design
- simpler language
- more information on the Register’s purpose, how to use it and how to avoid scams
- important information being made more prominent, including past actions against individuals and firms, and consumer protections
- optimisation for some mobile devices.
The FCA also confirms that it still intends to publish the FCA Directory – the register of individuals certified as being fit and proper under the Certification Regime – “later this year”. Despite this, it seems almost certain that firms will have until 31 March 2021 to submit information about Directory Persons to the Register – see here for more information.