Mortgage advice firms could be fined if they do not submit Directory Persons information to the FCA in the next seven days, the Association of Mortgage Intermediaries has warned.

Ami has been told by the FCA that over 2,800 firms are yet to submit their Directory Persons and, should accurate information not be submitted, they could risk having their regulatory permissions removed.

The Directory includes data on all certified staff, both executive and non-executive directors who are not performing senior manager functions and other individuals who are sole traders or ARs who are undertaking business with clients that requires a qualification.

Ami chief executive Robert Sinclair says: “There appears to be a significant number of investment and mortgage advice firms that have not advised the FCA of the requested adviser details by the end of March as required.

The FCA has written to all those firms giving them a short time to rectify the position. AMI has written to all its member firms and are providing support to ensure they are all compliant.

Firms who are not members should take urgent action if they get an email from the FCA regarding the Directory and not ignore it as the implications are serious.”