The Association of Mortgage Intermediaries (AMI) has been informed that the Financial Condition Authority (FCA) is concerned that over 2,800 firms are yet to submit their Directory Persons information.

The trade body said that, from the communication that it has seen, firms risk a fine if they do not provide the data in the next seven days.

I not completed accurately they risk entering a pathway that could lead to having their regulatory permissions removed. All firms including sole traders need to have completed this.

Robert Sinclair, chief executive of AMI, said: “There appears to be a significant number of investment and mortgage advice firms that have not advised the FCA of the requested adviser details by the end of March as required.

“The FCA has written to all those firms giving them a short time to rectify the position. AMI has written to all its member firms and are providing support to ensure they are all compliant.

“Firms who are not members should take urgent action if they get an email from the FCA regarding the Directory and not ignore it as the implications are serious.”