The FCA’s Gabriel reporting system has been hit by technical problems for several days, leaving firms unable to submit their regulatory returns.
A notice on the Gabriel page of the FCA’s website says it is receiving high volumes of data and firms should avoid using the system during mid-morning and mid-afternoon.
The issues began on Wednesday and are still unresolved.
It is understood the problems are caused by an upcoming deadline for alternative investment fund managers to submit their returns by this weekend.
The message on the Gabriel site says: “We are currently receiving high volumes of data and some users may experience slow performance issues.
“We recommend that you save your data regularly and avoid using the system during busy periods of the day, such as mid-morning and mid-afternoon.”
Advisers use the Gabriel system to submit their retail mediation activities return twice a year.
Page Russell director Tim Page says: “I tried to use the system yesterday and it was really slow and then crashed completely.
“The FCA knows when the deadlines are and that it will get peaks in activity around those times, so it should have the resources in place to cope.”
The FCA declined to comment further.