CISI welcomes new enhanced FCA Register to empower consumers

by Lora Benson | Jul 23, 2020

The CISI welcomes the new and enhanced FCA Register, published 27 July 2020, which will include, for the first time, a field to denote a practitioners’ professional body membership.

The Register is a public directory containing details such as the current roles and type of business undertaken by specific individuals working at financial services firms regulated by the FCA. The enhanced Register will be launched on 27 July for banking firms and insurers.  Due to the challenges caused by the COVID-19 pandemic, the FCA will allow solo-regulated firms to submit information about certified and assessed persons to the register up until 31 March 2021.

The CISI has long campaigned for a simple register which will allows consumers to see easily whether individuals have relevant professional affiliations in the new Register and so make an informed choice.  

Membership of a Professional Body, especially a Chartered body, demonstrates publicly that individuals have achieved high levels of knowledge, skills and integrity.

CISI’s CEO, Simon Culhane Chartered FCSI, said “Professional bodies play an important role in upholding standards and professionalism in financial services. When the FCA announced that ­they were withdrawing the original Register two years ago, the CISI and the Chartered Banker Institute encouraged the FCA to modernise and enhance their Register rather than abolish it.

“When we surveyed our member firms, 90% felt that information about professional body membership should be included in the new Register. We are very glad that the FCA has listened to our feedback and are now including this data.

 “The next step now would be to also include a field for individuals to specify their level of membership within their professional body. Practitioners’ level of membership is often a good proxy for their experience and seniority, particularly for those who have achieved an individual charter. Including this information in the Register would allow consumers, firms and other stakeholders to differentiate further between those who have made a personal commitment to higher standards, furthering in turn the FCA’s stated aim to ‘empower the consumer’.”