Financial Conduct Authority  

FCA adviser search branded 'danger to public'

The Financial Adviser has learned that the new feature has been added as a 'beta', meaning it is intended to be iterated in light of user feedback, and changes to the filter function are expected in due course. 

The FCA added the search for an adviser function after MPs were told around 13,000 steelworkers who requested a pension transfer value from the British Steel Pension Scheme (BSPS) last year struggled to find a qualified adviser to help them using the City watchdog's register.

This marked a U-turn for the regulator, which before the register came under fire at the Treasury select committee had been planning to water down the list.

As part of the senior manager regime, only top bosses were set to appear on the register with most financial advisers, portfolio managers, traders and non-executive directors to disappear from its pages.

But at the start of this year the FCA stated following "substantial feedback" on the value of a central public record of the people it regulates it will consult on whether this is what it should do.