FCA accused of aiding scammers through its register

Advisers describe it as a “complete shambles”

Advisers have urged the Financial Conduct Authority (FCA) to fix its register, claiming it currently misleads clients and allows scammers to take advantage of consumers.

Since the Senior Managers and Certification Regime came into effect last week, individual advisers are no longer required to be listed on the FCA's register. Yardstick financial services agency founder Phil Bray complained the revised register would "actually help scammers" now it has reduced ways for the public to check the validity of advisers. "The register is a complete mess - FCA needs to take urgent action," Bray tweeted. "The register is pushed to consumers as a way to ‘check out' advisers - basic common sense dictates that they need to be able to understand it." FCA prob...