In the news: David Nowell on the FCA’s ‘first warning’ to industry on transaction reporting improvement

Kaizen’s senior regulatory reporting specialist David Nowell spoke with Thomson Reuters Accelus about the recent forums where the FCA’s markets reporting team set out the common mistakes that firms had made on reports and urged them to focus on accuracy and completeness. 

David’s recent blog covered the mistakes in detail, and when speaking to Thomson Reuters he said, “The temptation with MiFID II transaction reporting is to get across the line. With EMIR some firms took the fire and forget approach to reporting. With MiFIR, the recent transaction reporting forums should have woken up firms to the fact that improving their reporting is an ongoing job.” 

If firms fail to correct the mistakes, eventually there will be fines. 

David said, “Firms should be in no doubt of what needs to be done to achieve complete and accurate reporting. A firm may get away with a private warning, but it will be asked to back report and engage in remediation. Even then, the firm might not find everything that’s wrong with its reporting and will incur the cost of re-reporting again.”

Read the full article: First warning: UK FCA sets out expectations for MiFID II transaction reporting improvement (a subscription-only site). 

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