FCA sets out streamlining overhaul for transaction reporting

The regulator expects to cut industry costs by 22 per cent on transaction reporting by introducing a series of trimming-down measures that will principally affect foreign exchange derivatives and error reporting.

By Neasa MacErlean

The overall annual cost to firms involved is expected to fall from £493 million to £385m when the reforms take effect under a "gradual transition" that will cut the number of annual reports from its current total of seven billion.