The watchdog has stressed that the new search system is a trial and it expects to make further improvements. It has encouraged users and interested parties to provide feedback on the service.
The FCA is currently testing the search function on its official register, allowing consumers to search for a firm of advisers near them.
The ‘Find an Adviser’ search button enables consumers to search by postcode and by key advice areas such as mortgages, investments, pensions or debts.
The search currently includes unauthorised firms but the FCA says it is reviewing this. Unauthorised firms are flagged up in red text and individual permissions and restrictions are also shown.
A spokesman told Financial Planning Today: “At present, it is not possible to filter out firms that are no longer authorised, because this data is taken from the existing register. We are welcoming feedback and will be developing new functions in due course, including changes to the filter function.”
The spokesman stressed that the search facility is in ‘beta’ or trial mode which means it is intended to be updated in the light of the feedback from users.
The FCA said the new search facility means clearer presentation but “neither adds nor removes data” from the register which remains available to view unchanged for those that prefer to do so.
The regulator added that in its evidence to the House of Commons Work and Pensions Select Committee last year and in its response to the committee’s report this year it accepted that the Financial Services Register can be improved.
Consumers can continue to search by firm name and reference number.
The search button on the register follows promises from the FCA earlier in the year to introduce a ‘consumer-friendly’ public directory of financial services workers.
The FCA had earlier planned to shrink the register to mainly focus on senior managers despite concerns from several quarters - including professional bodies - about the impact on consumers and their ability to check the bona fides of thousands of individuals.