The FCA has published the results of its review of data quality in prudential regulatory reporting by MiFIDPRU investment firms. Generally, it is pleased. It says most firms understand their reporting requirements and 60% passed all data quality tests. It has however published examples of good and poor practice, particularly identifying as areas for improvement:
- inconsistent reporting across multiple data sources;
- inaccurate implementation of reporting guidance;
- incorrect reporting of type of investment firm; and
- incorrect reporting units and data entry issues.
It is not making any changes to requirements or guidance as a result of the review, but wants firms to look at their arrangements against its findings to assess whether they need to improve their controls in any area. It will also begin to email data quality notifications to firms, which will highlight when a submission fails a test. It is also looking to see whether it can add useful guidance or pop up notifications to Reg Data.