Kaizen’s reaction to the £27.6 million fine issued by the FCA for incorrect reporting

Our Senior Regulatory Reporting Specialist, David Nowell, commented on the £27.6 million fine issued by the FCA today for breaches under the MiFID reporting regime:

“Many may be surprised that the FCA should levy such a large fine for breaches under the previous MiFID reporting regime. However, it is a clear sign of the FCA’s tenacity and determination to strive for complete and accurate transaction reporting. It is also a message that could strike fear in the hearts of many senior managers as the new MiFIR transaction regime is far more complex than the previous MiFID regime. The requirement for adequate systems and controls over transaction reporting are clearly set out in Article 15 of RTS. Having a strong governance framework, regular reconciliations, quality assurance testing, and reference data testing are key elements in meeting these requirements. The FCA has been clear and consistent in its demands for complete and accurate transaction reporting; this latest fine is a strong and timely reinforcement of this message.”

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