FCA register proposals provoke concerns for firms and consumers

Certified advisers could ‘fall off’register

Victoria McKeever
clock • 3 min read

The proposed reduction of the Financial Conduct Authority's (FCA) register could lessen protections for small advice firms and consumers, compliance experts have warned.

Among plans published yesterday to extend the senior managers regime to all regulated financial services firms were proposals certified people within a firm would not need to be approved directly by the FCA. As the FCA said the proposals would likely see all advisers become 'certified people', unless they would be considered 'senior managers' or were sole traders, experts warned this could mean advisers who are authorised by a firm would fall off the FCA's financial services register - the public database consumers can use to verify the authorised status of an adviser. The watchdog no...

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