Qomply and Bovill Announce Strategic Partnership to Deliver Comprehensive Regulatory Audits

Qomply, a leading transaction reporting RegTech firm, and Bovill, a global financial services regulatory consultancy, have announced a new partnership that will deliver a complete end-to-end transaction reporting service for financial institutions.

Powered by Qomply’s technology, Bovill will streamline their HealthCheck services to provide clients with immediate feedback on the accuracy and completeness of their transaction reports and identify areas to strengthen. When requested, Bovill will complement these findings with an end-to-end review of the operating model, framework, governance and systems and controls as well as guidance through the remediation process.

With the maturing of MiFID II transaction reporting, regulators are expected to be less forgiving of issues now that firms have had to bed-in their solutions and processes. Recently, the FCA disclosed that 362 firms had submitted a transaction reporting errors and omissions notification to the FCA between January 2020 and the end of October 2020.

The FCA further disclosed that for the same time period, the FCA held visits, meetings or conference calls with 58 firms for the specific purpose of discussing transaction reporting under the Markets in Financial Instruments Regulation (MiFIR). Qomply routinely sees error rates of upwards of 25pct on transactions already accepted by the FCA illustrating the need for action.