Open-access content Wednesday 7th November 2018
Responding to a recent UK Financial Conduct Authority (FCA) consultation on a new directory to help consumers and firms check the status and history of those working in financial services, the Chartered Body Alliance has called on the FCA to make it easier for consumers to differentiate between individuals who have made a personal commitment to higher standards and those that have not.
The alliance, which has a combined global membership of 200,000 individuals, considers the FCA proposals will fall short of its aim to "empower the consumer" by failing to include key and relevant information. The proposals:
- Do not include fields to show an individual's professional affiliations, such as professional body membership and standing, or achievement of a professional standard
- Do not reference whether an individual holds a valid statement of professional standing (SPS) and with which accredited body. An SPS is required for advisers in the retail investment market to provide advice to customers.