The Financial Services Register was recently taken down to make way for a new, enhanced register.
Following the rollout of the senior managers and certification regime (SM&CR), the register no longer has certified and assessed people on.
The directory of these people will be added later in the year to allow consumers to check the details of who they're working with.
So how does it look?
Well, it isn’t groundbreaking-ly 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.
There is one major downside though.
The register has listed anyone who doesn't have a senior management function role (that is, a senior person in the business performing a key 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 things stand, without an explanation to the client as to what 'previously involved' means, there's a very strong chance they will misconstrue the information and believe 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's to the homepage, which is still in the same location).
If you haven’t already, submit information necessary for the directory.
The original deadline of 9 December 2020 has been extended to 31 March 2021.
Yet as this is a crucial part of protecting consumers, we’d encourage you to have your data submitted as soon as possible.