Reg Wrap: FCA aims to slash £100mn of annual reporting costs

The UK’s Financial Conduct Authority is introducing new rules that it claims will cut £100mn of transaction reporting costs per year by removing duplicate or low-value reporting. 

The new rules will reduce the number of transaction reporting fields from 65 to 52. It will also remove foreign exchange derivatives from reporting requirements, alongside requirements for 7mn financial instruments such as equities, bonds and certain derivatives.