On February 26, the UK’s Financial Conduct Authority (FCA) published a statement  announcing that it will consult on proposals to make information publicly available on a wider range of individuals at firms authorized by the FCA and the UK’s Prudential Regulation Authority (PRA) than had been planned.

The FCA and the PRA currently maintain a public financial services register (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 firms regulated in the UK.  Under the initial proposals, the FCA would only approve the most senior individuals within firms—meaning that only senior managers would appear on the FS Register and not employees certified by firms as being fit and proper under the extended certification regime (including portfolio managers, investment advisors and traders).

In response to its initial proposals, the FCA has received substantial feedback on the public value of it maintaining a central public record of certification employees and other important individuals in regulated firms. The FCA stated that it will consult by summer 2018 on policy proposals to address the feedback.

The FCA has also stated that it plans to issue an update shortly on its work to improve the usability of the FS Register, which will incorporate feedback from the UK’s Work and Pensions Select Committee.

The FCA’s statement is available here.