MiFID I client data remediation and governance

EU

The Financial Conduct Authority (FCA) issued a £4.7m fine to the client for failing to properly report 30 million transactions under MiFID I Directive.  Axis Corporate was requested to lead the remediation and control work stream to close the audit point.

  • Client had an outstanding audit point after being fined by the FCA for client counterparty misreporting.
  • No systematic exception procedures in place, lack of data quality controls and operational risks identified.
  • Poor governance model and stakeholder engagement.
  • Low understanding of regulatory requirements and lack of training
  • Client reference data was prioritised and +95% of transactions reported to the national regulator (FCA) were remediated in the golden source and synchronised with the downstream systems.
  • A robust Control Framework was designed, implemented and tested successfully.
  • Business requirements were submitted in order to implement strategic solutions within the transaction reporting mechanisms.
  • A new Governance Model was implemented, with clear responsibilities and roles.
  • Audit point closed.
  • Client reference data remediated.
  • Operational risks mitigated.
  • Control Framework successfully implemented.
  • New governance model successfully implemented
Daniel MeereDaniel Meere is managing director at Axis Corporate UK. As an accomplished leader having grown several consulting practices and businesses in the Financial Services sector.
02 Sep 2016
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