RegData help and FAQs

Common Data Quality issues

A priority for us is to ensure data submitted from firms is good quality and fit for purpose, because we use this data to fulfil our regulatory obligations.

As part of our improved Data Quality controls, we work with firms to correct errors we identify. As a result, firms may receive a request from the FCA for a resubmission where errors have been identified. This can be time-consuming for both us and firms, and to help avoid this we have summarised some common Data Quality issues below:

1. Reporting in thousands (000s) or single units

   Firms sometimes submit incorrect units within the form.

   Example: There are instances where return values have been submitted with the incorrect units such as singles units instead of thousands (000’s) where required. Resulting in submission values being drastically over reported or under reported.

2. Currency

   Firms sometimes use the incorrect currency within the form.

   Example: We have identified reports where the figures were not given in the specified currency. Such as GBP (Pound Sterling) instead of EUR (Euro). This error is very difficult to identify due to minor differences in currency values.

3. Date Format

   Firms sometimes enter dates in the wrong format.

   Example: There are instances where dates have been submitted in the format DD/MM/YY (09/05/22) instead of the requirement format of the form DD/MM/YYYY (09/05/2022).

Review the RegData guide[2] if the FCA has spotted an error and you need to resubmit a data item.

Data items help text and FAQs

RegData guidance

Please refer to our RegData resources[56] page for user guides and explainer videos that guide you through every aspect of the RegData system.