UK Regulatory Updates

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UK Updates | Compliance Consulting

A round up of other recent news from the Financial Conduct Authority.

Fake Financial Services Register Website

The FCA has alerted members of the public that there has been an attempt to reproduce the Financial Services Register on a non-FCA website, using the domain: www.thefca.net. The FCA is currently working to get the page taken down, and the full statement can be viewed here.

Delays with Approved Person Applications

The FCA has acknowledged a significant delay in approved person applications. FCA admitted that it was still working through the backlog of approved person applications that arose from the introduction of the Senior Managers and Certification Regime in December last year. At the end of July 2020 approximately 2,500 applications were near the 60-day mark, which they were hoping to reduce to 30 days by recruiting additional case officers and seconding staff into this department.

Firms that are adversely affected by this delay are encouraged to bring this to the attention of the FCA Firm Contact Centre citing their application reference number which can be found on Connect.

FCA Launches Enhanced Financial Services Register to Protect Consumers

On July 27, 2020, the FCA launched an upgraded version of its Financial Services (FS) Register. With simpler language and, it is claimed, a more user-friendly design, the purpose of the updated FS Register is to protect consumers from financial harm and to provide them with an enhanced user experience.

Before its launch, the FS Register was tested by different users to ensure simple and effective usability. The main improvements include:

  • Better navigation and design;
  • Simpler language;
  • More guidance on how to use the Register and avoid scams;
  • Important information being made more prominent;
  • Optimization for some mobile devices.
 

The FCA will review the FS Register on an ongoing basis and make updates where required. To view the updated FS Register, please click here.

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