The FCA is proposing to retain a wider-scale public register of advisers and others working at financial services firms, it announced this morning.

The regulator said it had received “substantial feedback on the public value of the FCA maintaining a central public record of certification employees and other important individuals in firms regulated by the FCA”.

This includes non-executive directors, financial advisers, traders and portfolio managers.

These staff were set to no longer appear on the FS Register due to changes related to the Senior Managers and Certification Regime.

The FCA said today it would consult on proposals to make information available on a wider range of individuals at authorised firms.

The FCA and Prudential Regulation Authority currently maintain a public Financial Services Register, “the FS Register”, of the firms they regulate and the individuals they have approved.

In July 2017, the FCA published proposals to extend the Senior Managers and Certification Regime to almost all regulated firms.

Under these proposals, the FCA would only approve the most senior individuals within firms. This meant that only senior managers would appear on the FS Register.

Firms are responsible for assessing the fitness and propriety of their employees and ‘certifying’ certain individuals who are not senior managers, but whose jobs mean they can still have a significant impact on customers, firms and market integrity.

The regulator said in a statement: “The FCA has listened to feedback and will consult by summer 2018 on policy proposals to address this feedback. 

“In addition, the FCA plans to issue an update shortly on its work to improve the usability of the FS register, which incorporates feedback from the Work and Pensions Select Committee.”