FSA e-reporting plans

The Financial Services Authority has formally announced plans to require the 30,000 financial firms it regulates to submit...

The Financial Services Authority has formally announced plans to require the 30,000 financial firms it regulates to submit information electronically.

As reported by Computer Weekly last month, the new rules will be phased in from April 2005, requiring financial services firms to send compliance information to the City regulator electronically using a data standard known as XBRL. Firms have the choice of filling in an online form or direct system-to-system transfer.

Most compliance information currently received by the FSA, such as information on suspect transactions, is paper-based.

The electronic reporting standard will make market regulation more effective and cut administration costs for firms, the FSA said. The XBRL standard will also play a key role in the introduction of international accounting standards from the beginning of 2005.

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