The UK’s Financial Conduct Authority (FCA) has updated its Financial Services Register to improve consumer protection.
The Register lets users see firms and approved individuals that are engaged with regulated activities. Its services, which were used by more than seven million users in the last year, helps consumers avoid scams and enables firms to cross-check references and make their key staff known to customers.
Enhancements have been made to ensure it is easier to use and understand. Some of the changes include a clearer navigation and design, simpler language, more information on the Register’s purpose, how to use it and avoid scams, and optimisation for mobile devices.
The FCA has also made important information more prominent, including past actions against individuals and firms, and consumer protections.
Jonathan Davidson, Executive Director of Supervision, Retail and Authorisations, said, “The Financial Services Register is an important tool for both the consumers and firms who use it.
“These changes will make it easier for users to navigate and understand the Register, and in doing so, help them avoid financial harm such as scams by unauthorised firms and individuals.”
The FCA will monitor its changes to see if they are having the intended impact.
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