The UK’s Financial Conduct Authority (FCA) has admitted its register of regulated firms contains “data quality issues” and will invest £5m in improvements, after outrage that legitimate businesses and consumers alike may currently be at risk.
FCA chief executive Andrew Bailey said at Wednesday’s annual public meeting that its existing register, which contains around 750,000 records of firms’ regulated status, including payment and e-money institutions, “needs to be made fit for the now larger remit” of the authority.
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