FCA has highlighted common issues that arise when addressing the data quality of firm submissions:

1. Reporting in thousands (000s) or single units – firms sometimes submit incorrect units within the form.

2. Currency – firms sometimes use the incorrect currency within the form.

3. Date Format – firms sometimes enter dates in the wrong format.

Firms can save time by being aware of these issues to prevent them in the first place (firms may be asked by the FCA to resubmit regulatory submission where there are errors).

With the FCA moving towards a more data driven regulator this becomes even more important as more data is submitted to the regulator.