The Financial Conduct Authority (FCA) is consulting on a new directory that will include financial advisers and sit alongside the current Financial Services (FS) register.
A consultation paper published today revealed what consumers can expect from the new adviser-included directory.
The directory will include public information on individuals that will fall off the FS register with the incoming Senior Managers and Certification Regime (SM&CR), as well as those who will remain on it.
Consumers accessing the directory will be able to check an individual's workplace locations, what business they are qualified to undertake, as well as their regulatory sanctions and prohibitions. There will also be an option to filter by location.
People will also be able to see an individual's reference number, relevant roles they have held, the start and end dates of each role, their various workplace locations and the date the information was last updated.
It will be up to firms keep information about themselves up-to-date.
Firms will submit information via the connect system, which is an existing systems used by the regulator for firms to send applications and notifications to it.
The regulator acknowledged scammers could try to use the additional information published on the directory to pass themselves off as a listed individual. The FCA said allowing only authorised firms to update the directory via a verified gateway will mitigate this risk.
The FCA is seeking feedback on the proposed directory by 5 October 2018.
Improved FS register
Meanwhile, the FS register will continue following the extension of the SM&CR but will contain fewer individuals.
The regulator said work is underway to make the register easier to use and understand, and changes will be made during the summer to make it clearer when requirements, including suspensions, apply to an entry.
It said it also intends to make improvements to the search facility and present more simply some commonly searched information.
The FS register came under fire during the Work and Pensions Committee hearing on British steelworkers' pensions in December when steelworkers argued the register could be confusing.
FCA executive director of supervision Jonathan Davidson 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."
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