Regulation Matters January 2020


The FCA Directory On 9th December 2019, the FCA Register stopped showing details of advisers and pension transfer specialists at directly authorised (‘DA’) firms. In respect of DA firms, the Register shows only the details of individuals who hold Senior Management Functions. However, it will continue to show details of advisers (and Pension Transfer Specialists) at Appointed Representatives (read on for if your firm has Appointed Representatives). With effect from 9th December 2019, DA firms must provide the FCA with the information required to maintain the new Directory with information on ‘Directory Persons’, who are: n Certified Staff (those holding Certification Functions) – including ‘Appointed Representative Directory persons’ (read on for if your firm has one or more ARs) and, for the first time, mortgage advisers. n Directors who do not hold a SMF (e.g. non-exec) n Sole traders (no SMFs required) and certification staff and ARs (authorised by a Principal) The information must be complete and accurate with effect from 9th December 2019 but firms have until 9th December 2020 to actually upload the information. Information uploaded before 9th December 2020 will not appear until 9th December 2020. Firms can choose not to upload the location that an adviser operates from, for example for safety reasons. The information is uploaded via Connect and it can be done in bulk. More information can be found here: Firms have seven business days to update the directory with joiners/leavers and there is a £250 penalty for late notification. Also, there will be a requirement to notify the FCA that the firm’s Directory information is accurate at least every twelve months. The Connect system will generate reminders to the dedicated user. Late notifications will result in the Directory containing a warning to consumers that the information may be out of date.

DOES YOUR FIRM HAVE ONE OR MORE APPOINTED REPRESENTATIVES? Advisers and Pension Transfer Specialist who are (employed by) appointed representatives continue to be shown on the Register but they will also now be ‘Appointed Representative Directory Persons’. Therefore, if your firm has appointed representatives, you’ll need to ensure that both the Register and the Directory are up- to-date with regard to investment advisers and Pension Transfer Specialists. AR Directory persons are those who deal with clients and/or their property at ARs AND who are required to have a qualification. Therefore, it will include investment/ mortgage advisers and PTSs (where the PTS deals directly with the client). • Identify those individuals whose details you will need to upload to the directory • Begin uploading the data, using the bulk upload facility if relevant • Ensure all data is uploaded by the 9th December 2020 deadline At TenetSelect we offer compliance audits to ensure you have the systems and controls in place to run your business both effectively and compliantly. If you would like access to this service please call us on 0800 085 0825 for further information on the additional services available to directly authorised firms. WHAT SHOULD FIRMS DO NOW?

DO YOU NEED FURTHER HELP OR SUPPORT? If you have concerns about being compliant, get in touch with TenetSelect, the directly authorised regulatory experts, by calling 0800 085 0825. We have a wide range of services to help your firm, and we would love to have a chat to tell you more. Regulation Matters is produced by TenetSelect as guidance only and is based on their interpretation, it is not and should not be relied upon as professional or legal advice. TenetSelect does not accept any liability for any losses arising directly or indirectly in connection with any of the information contained within Regulations Matters to the extent it can be excluded by law.

Made with FlippingBook - professional solution for displaying marketing and sales documents online