New Financial Services Register launched by the Financial Conduct Authority

New Financial Services Register launched by the Financial Conduct Authority (FCA) on 7 September 2015.

The new register is aimed at making it easier for users to find information on businesses, individuals and other bodies which are, or have been, regulated by the FCA and/or the Prudential Regulation Authority.

Summary

The new Register will have one search field in which users will be able to find a businesses, individual or collective investment scheme by looking up its name, reference number or postcode. Certain investment exchanges will also be searchable.

Search results can be filtered, and further information will include contact details, the permissions a business has or whether it is covered by the Financial Ombudsman Service and Financial Services Compensation Scheme.

The new Register uses clearer language and help text to explain important financial, technical and regulatory terms.

Firms to avoid

For the first time, firms flagged by the FCA as providing regulated products or services without the required authorisation, or which are knowingly running a scam, will be included in the Register.

Information on unauthorised businesses includes the details being given out, and whether they are falsely claiming to be from a genuine, authorised company.

Such businesses will be highlighted by red text and a warning symbol.

Consumer credit firms

Search results will include consumer credit companies which have interim permission, so users won’t need to carry out a separate search of the Consumer Credit Interim Permission Register.

Source: Press Release: New financial services register    

Filed Under: Market news

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