FCA Market Watch 81 – Recent observations on UK MiFID transaction reporting

The FCA has identified that there are still transaction reports that are being submitted incomplete and inaccurate. Although there has been an improvement in data quality since 2018 which has continued in a positive direction as more firms are acting to improve their transaction report data quality, there is more work to be done by firms. The root causes of these issues usually relate to weaknesses in change management, processes and design, data governance, control framework and governance, oversight and resources. The FCA's themes of concern are covered in detail below, noting that the FCA has observed a chain reaction between these areas (i.e. a weakness in one area can spread to others).