Michael LewisThe latest edition of Market Watch focuses on FCA’s supervision of the UK MiFID transaction reporting requirements, including the findings from skilled persons reviews commissions to look into compliance.
On the whole, the FCA has seen continual improvements in data quality, but it has also seen some issues that persist and reoccur even after a firm says it has remediated them. The FCA has been looking at why this happens, and thinks that reporting issues are often caused by weaknesses in change management, reporting process and logic design, data governance, control framework and governance, oversight and resourcing – with failings in one area often spreading to others. Many failings stem from the use of wrong field codes.