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Regulatory Reporting Automation: The FCA Is Cutting Returns For 90% Of Firms. What Should You Still Automate?

Regulatory reporting automation is still worth doing as the FCA trims what it asks for. On 2 October 2026 the FCA said it is removing outdated or duplicated data returns for 90% of firms, saving about £16m a year, and the same day it published the draft schema for the new transaction reports that start on 3 April 2028. Fewer returns does not mean less checking. The reports that remain carry more weight, and the work that pays back is the check before submission, with a named person signing off.

Published  ·  Updated  ·  7 min read  ·  By BraivIQ Editorial

Stacks of paper files and folders, for an article on regulatory reporting automation after the FCA cuts data returns

Key takeaways

  • The FCA said on 2 October 2026 that it is removing outdated or duplicated data returns for 90% of firms, worth around £16m a year.
  • The same day it published a draft schema and validation rules for the new UK transaction reports, which replace the current formats on 3 April 2028. Comments close on 6 November 2026.
  • Fewer returns means each remaining report matters more. Automate the checks before submission, not the sign-off.
  • A named person should approve every submission, with the checks and corrections recorded.

90% - Firms that will see outdated or duplicated data returns removed (FCA, 2 October 2026)  ·  £16m - Approximate annual saving from those removals (FCA, 2 October 2026)  ·  3 Apr 2028 - Start date for the new UK transaction reporting format (FCA CP26/34, 2 October 2026)

Regulatory reporting automation is the use of software to gather, check and prepare regulatory reports so that people spend their time on exceptions and sign-off. The FCA's plan to cut data returns does not remove the need. It changes where the effort goes: fewer forms, but higher stakes on the ones that remain, including transaction reports in a new format from 2028.

What did the FCA announce on 2 October?

Publishing its Practitioner Panel survey on 2 October 2026, the FCA said: “We're already simplifying reporting by removing outdated or duplicated data returns for 90% of firms.” It put the saving at around £16m a year. The survey found 79% of firms were highly satisfied with the FCA, up from 74%, and 88% said they understood the Consumer Duty. Nikhil Rathi said that “while we can't do our job without the data firms provide, we should continue to simplify requests and make them easier to manage.”

The same day the FCA published consultation paper CP26/34 with a draft schema and validation rules for transaction reports. On 3 April 2028 FCA systems switch to the new format and stop accepting the current UK MiFIR formats. Comments are due by 6 November 2026. Policy statement PS26/15, published on 3 August 2026, cut the report from 65 fields to 52.

What should regulatory reporting automation still cover?

  • **Checks before submission.** Compare each day's reports with trade records for missing trades, duplicates and fields that do not match. This is our transaction report checks workflow.
  • **Reconciliations that feed returns.** Reports are only as good as the numbers behind them.
  • **MI and board packs.** Pull figures from source systems, compare with last month and flag what moved, as in our MI and board packs workflow.
  • **Migration testing.** Run sample trades through the FCA's draft schema now, well before 2028.

What should stay with people?

The submission itself and every correction. Software can find a missing field or a duplicated trade and explain it, but a named person should approve the report before it goes. That keeps responsibility where the regulator expects it and gives you a record of who checked what.

How should a firm start with regulatory reporting automation?

Pick the report that causes the most rework and automate the checks around it, not the submission. Brokers will find more detail in our article on transaction reporting and Market Watch 86, and technical teams in our playbook on building and checking the draft 2028 schema. As a Workflow Automation Agency, we can put one check live on your data in a 14-day Proof Run.

Frequently asked questions

Is the FCA reducing regulatory reporting?

Yes, for many firms. On 2 October 2026 the FCA said it is removing outdated or duplicated data returns for 90% of firms, saving around £16m a year. Transaction reporting is changing format rather than going away.

When does the new UK transaction reporting format start?

On 3 April 2028, according to FCA consultation paper CP26/34 published on 2 October 2026. The FCA has published a draft schema and rules, and comments close on 6 November 2026.

Can AI submit regulatory reports?

In our approach it does not. Software and AI agents can prepare and check reports and explain errors, but a named person approves every submission and correction.

References

  1. Financial Conduct Authority, "Firms' confidence, satisfaction and trust in the FCA rise", 2 October 2026. https://www.fca.org.uk/news/news-stories/firms-confidence-satisfaction-and-trust-fca-rise
  2. Financial Conduct Authority, "CP26/34: Preparing for the new transaction reporting regime", 2 October 2026. https://www.fca.org.uk/publications/consultation-papers/cp26-34-preparing-new-transaction-reporting-regime
  3. Financial Conduct Authority, "PS26/15: Improving the UK transaction reporting regime", 3 August 2026. https://www.fca.org.uk/publications/policy-statements/ps26-15-improving-uk-transaction-reporting-regime
  4. A-Team Insight, "FCA opens consultation on new transaction reporting regime", 6 October 2026. https://a-teaminsight.com/blog/fca-opens-consultation-on-new-transaction-reporting-regime/