This would be less information than is currently required for an application of approval because the firm rather than the FCA would be required to assess their suitability, but it would include the individual's full name, their relevant role, the type of business they are qualified to undertake and, if they are customer facing, where they work.
The FCA has proposed introducing a requirement that this information be reported to it no later than the end of the individual's first business day performing the relevant role.
If an individual leaves a role, firms would need to update the directory no later than one business day after they have left their role, including if they remain employed in another capacity.
The FCA has said firms which fail to adhere to this could leave themselves open to the use of disciplinary powers and the imposition of penalties.
Suvro Dutta, partner and senior managers certification regime lead for auditors KPMG UK, said the FCA’s proposal to create a public directory of individuals is to be welcomed as it shows the regulator has listened to industry feedback.
He said: "Most importantly, a directory would add a further layer of transparency helping to enhance trust in financial services professionals. This is an important debate for the industry to have."