FCA beefs up register in bid to tackle rogue firms

The FCA is to include information on unauthorised firms on its financial services register for the first time in an attempt to better highlight rogue firms to consumers.

The new register, which launches on 7 September, will allow consumer to look up individuals, firms and collective investment schemes based on name, reference number or postcode.

The service will set out whether a firm is covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme, and will also provides explanations of financial and regulatory jargon.

Unauthorised firms will be included on the register for the first time and will be highlighted in red with a warning symbol in the search results.

The register will also state whether firms are falsely claiming to be from a genuine and authorised firm.

Search results on the new register will also include consumer credit firms that have interim permission.