The Financial Conduct Authority (FCA) has admitted it does not have sufficient resources to monitor every firm individually but said it was using artificial intelligence to identify issues in the market.
In a consultation on its future mission, the regulator said new forms of technology allowed it to evaluate the data it collects from the industry in order to identify risk and specific targets for monitoring....
Could see costs "ramp up"
'Life now seems a lot more fragile than it once was'
Under 30 complaints for advice firms
The government has launched a review into the UK funds regime in a bid to ensure the ongoing competitiveness and sustainability of the sector.
Industry experts weigh in
Adds £60m of assets
Up to £2,500 a month