The latest compliance issues in wealth management across the UK, Europe, Middle East and Africa.

FCA
The UK’s principal financial watchdog wants to publish a directory of people working in the industry so that customers can check up their backgrounds.

The proposed directory, the Financial Conduct Authority said yesterday, will include all people with senior manager roles that require FCA clearance and those whose roles require companies to certify they are “fit and proper”.

The move is part of a drive by the FCA to bolster confidence in the industry.

“We’ve listened to feedback from firms and consumers about the importance of being able to check the status of financial services staff. Introducing the Directory will make it easier for people to be confident they can find the right people to deal with,” Jonathan Davidson, executive director of supervison, retail and authorisations, at the FCA, said.

“Investors need to be able to check up on financial advisers and firms, this is essential if they are to trust the industry and to avoid fraudsters. The original Financial Services Register was not particularly user-friendly or easy to navigate and didn’t work well for consumers. The FCA has listened to the industry about the importance of a directory of this nature and has responded,” Tom McPhail, head of policy at Hargreaves Lansdown, said.

Preussen Wealth Management
UK financial watchdog FCA said that Preussen Wealth Management has been providing financial services or products in the UK without its authorisation.

Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the FCA.

This firm is not authorised by the FCA and is targeting people in the UK. 

Preussen Wealth Management
Address: Buckhauserstrasse 1, Zurich, SWITZERLAND, 8002
40 Wall Street, New York, UNITED STATES OF AMERICA, NY 10005
Telephone: +44  +41 44508 7470
Email: accounts@preussenwealth.com
Website: www.preussenwealth.com