Any firm that is included on the Money and Pensions Service Retirement Adviser Directory is advised to check that their details are correct. MAPS is recommending firms do this as a result of the recent changes made by the Financial Conduct Authority to their own Register.
Around 7,000 firms are listed on the Retirement Adviser Directory, which was originally set up by the Money Advice Service, one of the three organisations that merged to form MAPS.
The Retirement Adviser Directory allows a consumer seeking retirement advice to search for firms that are:
- Based in their area
- Offer the type of ongoing service they are seeking
- Offering advice at a price they are prepared to pay
- Offering advice for the size of pension pot they hold
MAPS has highlighted an issue in that its internal verification process is unable to automatically verify any individual advisers listed in the Retirement Adviser Directory who are not designated as senior managers under the Senior Managers & Certification Regime.
MAPS recognises that it does not wish to prevent advisers from appearing on its directory simply because they don’t meet the FCA criteria for a Senior Manager. However, individuals in this position may now need to contact MAPS to either update their Retirement Adviser Directory entry or to add their details from scratch.
The FCA changes also mean that it won’t be possible for MAPS to automatically remove inactive advisers from the Retirement Adviser Directory, and it will only be able to do so if it is notified by the firm that a particular adviser has moved on.
The information shown in this article was correct at the time of publication. Articles are not routinely reviewed and as such are not updated. Please be aware the facts, circumstances or legal position may change after publication of the article