The 40,000-member Personal Financial Society, which represents most of the UK’s Financial Planners, has questioned the FCA’s 5 year plan to become a ‘data-driven’ regulator.

Greater automation of data collection and intervention based on data analysis will become two of the key drivers of the FCA’s regulatory strategy over the next five years, the watchdog said today.

A total of 546 firms have admitted to errors in their MiFID II transaction reporting to the FCA since the new requirements began just under two years ago, according to a study out today.

The FCA has revealed it received 4.29m complaints in the first half of 2019.