UK regulator FCA proposes directory of financial services workers
10 Jul 2018

Britain’s Financial Conduct Authority (FCA) has proposed a new directory of individuals employed in the UK financial services sector, a move it hopes will reassure the public that listed individuals are ‘fit and proper’ for their roles.

The directory will include more information about individuals working in financial services than is currently available, the FCA said, and will cover all those who hold senior manager positions requiring FCA approval, as well as those whose roles require firms to certify that they are ‘fit and proper.’

Jonathan Davidson, Executive Director of Supervision (Retail and Authorisations) at the FCA, said:
“We’ve listened to feedback from firms and consumers about the importance of being able to check the status of financial services staff.

Introducing the Directory will make it easier for people to be confident they can find the right people to deal with.

The FCA also published near final rules on the extension of the Senior Managers and Certification Regime (SM&CR) to almost all regulated firms, which enables firms to now access the Guides to the SM&CR to understand what steps they need to take to prepare for its implementation.

Advance your CPD minutes for reading this article, by signing up and using the CPD Wallet

Must Read

Understanding EU anti-money laundering law: EU 4AMLD, EU 5AMLD, EU 6AMLD

In recent years the European Union has looked to flex its legislative muscle and come up with an array of laws aimed at cracking down on money laundering and terrorism financing. Key to its package are its various directives, which impact national laws, banking operations and other industries across… Read More

Banking: Curbing employee fraud and corruption with an effective KYE program

The banking system’s vulnerability to fraud, corruption and money laundering is once again a focal point of debate in the wake of recent disclosures by the Central Bank of Nigeria that major losses have been recorded by banks from armed robbery cases and other criminal activities amounting to N12bn… Read More