New validations and data quality - Financial Conduct Authority

Information on new CRD IV validation and filing rules

Published: 15/05/2015     Last Modified: 18/11/2015

The link below shows the complete list of ‘active’ validations for CRD IV submissions set by The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). These are effective for all CRD IV XBRL files submitted.

Complete list of validations currently set to ‘ERROR’ and ‘DISABLED’ [XLSX]

Last updated 15 August 2015

This page will be updated with any changes to validation and filing rules and associated information that will assist firms with providing valid files.

Validation rules

The rules that will be applied from 28 November 2015. This is the expected date for changes to be effective.  Rules are based on the EBA validation rules as at 9 September 2015. Please note that all submissions, including resubmissions, will be validated against these rules.

For future active validations we will be following the EBA setting for all validation rules, based on the EBA published list for the current taxonomy.

Read the EBA published rule list.

This is the configuration that is applied to the EBA 'severity' setting:

  • EBA Blocking rules will be set as ERROR (ie rejection of file)
  • EBA Non-blocking rules will be set as WARNING
  • EBA Deactivated rules will be set as DISABLED (ignored)

Note that when 'deactivated' rules are 'reactivated' they will use the severity setting as shown on the EBA list.

We will update validations periodically when the EBA publish a revised list. When the EBA publish an updated set of rules, we will implement them at the earliest opportunity. Rules that apply to new taxonomies will be implemented with the revised taxonomy.

Filing rules

From 28 November 2015 we will be applying filing rules based on the EBA published rules and additional rules exclusively for UK filers. Not all EBA published rules have been applied as these are checked elsewhere or are not currently implementable.

The filing rules we will apply. This document lists the rules we will apply, illustrates what each rule verifies and what error message (we are working on improving the clarity of some error messages and these should be available before the end of 2015.) will be received if a rule is not passed. Please use this guide to resolve any issues before contacting us with queries.

Read the EBA filing rules document.

The filing rule severity settings are the same as we use for validation rules:

ERROR will result in file rejection, WARNING will be accepted (but should be resolved) and DISABLED will be ignored.

Commonly observed errors:

From analysis of previously submitted files we have noted the following errors which will result in files being rejected.

  • Error code: xbrl.efr.crdiv.uk.EmptyTableError
    Filing indicators MUST NOT be set in the case no facts are being reported for that template.
      An ERROR will occur when an instance contains filing indicators for tables that are empty (not required).
  • Error code xbrl.efr.crdiv.eba.InvalidDecimalsAccuracyError
    Invalid decimals accuracy error.
      An ERROR will occur when a numeric fact is reported with invalid decimals for its type.  Refer to the table below.

 

Accuracy Requirements

Data Type

Decimals attribute

Note

Representation

Monetary*

>= -3,
>= -6 for the module Funding Plans only

 

42563.26

Percentage

>= 4

Must be expressed as a ratio in instances – i.e. typical values between 0 and 1

0.1234 (=12.34%)

Integer

0

Must be reported without any decimal part

126

*N.B. Also applies to facts representing monetary values that are specified (via their primary item) to be reported as currency-less decimal values.

Disabled rules

There are two filing rules currently set to disabled and we expect these to be updated and reactivated in 2016.

xbrl.efr.crdiv.uk.FactValueTooLongError : this rule limits certain entries to a maximum of 2048 characters.  The filing rule had previously restricted the number of characters to 50.  The 50 character limit will not be applied whilst the rule is disabled.

xbrl.efr.crdiv.uk.InvalidIdentifierSchemeError ; this rule checks that only an FRN or LEI scheme identifier can be submitted.  Whilst the rule is disabled you will be able to submit an LEI as an option to FRN.  Some PRA regulated firms are required to submit LEI’s.