FIA has submitted a response to the FCA's discussion paper on the UK transaction reporting regime. The paper evaluates the existing reporting regime and proposes changes in order to ensure the highest levels of data accuracy and usability while also addressing shortcomings of the regime and the cost/compliance burden impacting many of our members.
Within our response, FIA encourages the FCA to be ambitious in its review. We highlight opportunities to remove duplication and unnecessary burden, along with others to reconsider where the cost of reporting exceeds the supervisory benefit. FIA argues that the guiding principle of the review must be to ensure that reporting is limited to information that is genuinely essential for the FCA to perform its oversight duties.
Read the response in full.
