Why you should use the new Financial Services Register

Rights, Scams and Politics

Updated on 11 September 2015 | 2 Comments

New register allows you to search for scams and unauthorised companies more easily.

A new searchable financial register aims to make it easier for you to find out about scams and dodgy companies.

The new Financial Services Register was launched this week by the Financial Conduct Authority (FCA) regulator. It will contain details on firms, individuals and other bodies, such as collective investment schemes, that are regulated by the FCA and/or its counterpart the Prudential Regulation Authority.

This means you can search it to check that a company or individual you want to deal with is fully regulated, and therefore has to meet standards set down by the FCA.

Scams listed

For the first time this Financial Services Register will also include details of unauthorised firms and scams. Any firm that the FCA knows is, or has in the past, provided regulated products or services without authorisation will be included. Companies that are known to have operated financial scams will also appear on the register.

Any firm listed for carrying out unregulated activity will be highlighted in search results to make it clear that the FCA does not approve of the company and advises against dealing with them.

This should make it much easier to spot dodgy firms and individuals and make sure you only deal with reputable people.

Easier to understand

As well as including details of scams the FCA hopes to make the Financial Services Register more user friendly and useful by having clearer language and including explanations of important financial, technical and regulatory terms.

You can search the register using names, reference numbers or postcodes.

The register can be found at the FCA website.

Do you think this register's a good idea? Will you use it? Share your thoughts in the Comments section below.

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