The FSA has made changes to the regulations for FCA Transaction Reporting (FATR). The FSA wants to see businesses request more samples for audit. Firms must undertake comprehensive reviews when necessary to make sure compliance with current MiFID II guidelines. In summary, transaction data quality issues can be the main symptom of deeper-seated problems.
A company that consistently has poor data quality will have a poor business reputation and will most likely be taken out of the FSA’s register of financial services providers. This is one area where the FSA can make use of a qualified and independent professional.
An independent reviewer will look at the processes undertaken by a company and determine how these have been affected by implementing the new FSA policy. It will also review the procedures to identify any areas of improvement. The review will also consider the extent to which the changes have impacted the quality of the products or services provided by a company. It will also examine whether changes to the procedures have changed the way a company offers services to its customers.