New FCA directory regime for advisers

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We were pleased to brief readers of Professional Adviser about the need for IFAs to prioritise the submission of data for the new ‘FCA Directory of certified and assessed persons’ which is going live later this year under the SM&CR. You can read the full article here.

With just over 100 working days before the absolute deadline of March 31st 2021, it is sensible to get it done this side of Christmas to avoid panic in the New Year at a time when many advisers will be busy servicing clients.

Vicky Pearce, director of B-Compliant, said:

This new ‘track and trace’ for advisers is an essential tool in the FCA’s armoury to provide confidence to the public and other professionals about the status of regulated advisers.  

Whilst the deadline has been extended to March 2021 we are advising firms that they complete the process before the end of the year. Not only will the FCA be pushing the directory live by then but it also coincides with that time of year when members of the public begin their search for new financial advisers.

Leaving the submission of data until next year will cause unnecessary stress at a time when advisers will want to be spending their time guiding their clients through the market impacts of Covid, the outcome of the US election.

So, who needs to be in the new directory?

  1. a)all certified staff (those holding a certification function under the SM&CR)
  2. b)directors who are not performing Senior Manager Functions (SMFs) – both executive and non-executive
  3. c)other individuals who are sole traders or ARs (including those within ARs) where they are undertaking business with clients and require a qualification to do so

Quick checklist of key information required before completing the directory:

  • Full name and DOB of each individual
  • IRNs where available
  • Passport or NI number
  • Details of relevant activities in business areas where qualifications are required e.g. Pension Transfer Specialist, Long Term Care, Securities, Mortgages etc. (a list of the activities requiring qualifications can be found here)
  • Details of individuals professional body
  • Certification roles held e.g. Client Dealing, Manager of a Certification Employee etc.

About us

  • B-Compliant is a specialist regulatory services company which helps financial advisers, investment managers and discretionary fund managers comply with their regulatory duties.
  • The business was founded in Manchester 2018 by experienced compliance professionals Vicky Pearce and Jeremy Smith who have both held senior roles at major financial institutions.
  • B-Compliant is a proud member of the Association of Professional Compliance Consultants, (APCC), the industry body for compliance consultants who advise firms regulated in the UK.
  • See our online press office for more media information or speak to our PR agency.

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