Two leading professional bodies have applauded the FCA for adding the professional memberships and affiliations of individuals to the FCA register.
The CISI (Chartered Institute for Securities & Investment) and Chartered Banker Institute have issued a statement saying they are “delighted” with the register change.
As part of a major overhaul of the register the FCA went live on 14 December with additional information on individuals. The register now includes details of regulated individuals’ professional memberships and affiliations.
The two bodies said this was an “important update.”
Both have campaigned for more information on professional status to give consumers a better idea of their adviser’s qualification.
The two bodies have a combined membership of over 75,000.
The London-based CISI has 45,000 members around the world. In the UK it awards the Certified Financial Planner and Chartered Wealth Manager designations among a range of qualifications.
The Chartered Banker Institute claims to be the oldest professional banking institute in the world. It has 30,000 members in 108 different countries
CISI CEO, Simon Culhane, Chartered FCSI said: “This is very positive step for consumers who can now easily see and choose a Chartered Professional to provide them with financial advice. We encourage all members of Professional Bodies to ensure their details are accurate on the new register.”
Simon Thompson, chief executive, Chartered Banker Institute, said: “Membership of a Chartered body, is a public demonstration that the individual has made an active commitment to maintaining high professional standards, continues to update their professional knowledge and skills, and acts with integrity.
“I am, therefore, delighted that consumers can now see this clearly via the FCA Register and can make informed choices about seeking the services of a suitably qualified professional, in the knowledge that their adviser is a member of a Chartered body.”