An update on its website says firms should continue using the existing invoicing online portal for now.

It adds the existing portal will no longer be available after 31 March 2021.

Also there will be no portal available until the new portal launches on 12 April 2021.

The FCA will continue to provide regular communication on its plans to launch the new invoicing portal.

Users will access the online portal using their Connect log in details after launch.

This is the watchdog’s online system that can be used to submit applications and notifications.

Users will not be able to view or download invoices paid before 31 March 2021 in the new portal, so are encouraged to download these ahead of April.

Also users that currently receive a soft copy of their invoice with their invoice notification will continue to do so.

The FCA adds this change is part of its wider data strategy and upgrade to their internal finance systems to help ensure it responds to how firms use new technology now.

The watchdog also says this move will help it look at how its own systems can be improved.