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 last week said it was receiving high volumes of data and firms should avoid using the system during mid-morning and mid-afternoon.
The issues began on Wednesday 28 January and remained unresolved at the time of going to press.
It is understood the problems have been caused by an upcoming deadline for alternative investment fund managers to submit their returns by this weekend.
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 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.