The FCA has finalised major updates to the UK’s transaction reporting rules, set to take effect in April 2028

The FCA has finalised major updates to the UK’s transaction reporting rules, set to take effect in April 2028. The changes will remove FX derivatives from the regime and streamline reporting requirements, cutting industry costs by an estimated £108 million a year. Leveraged retail products like CFDs and spread bets will remain in scope due to their higher market‑abuse risk. The reforms reduce reporting fields from 65 to 52 and shorten the correction window for historical errors from five years to three, easing operational pressure on firms. While the FCA expects long‑term benefits of more than £940 million over ten years, firms will face upfront implementation costs, largely driven by IT upgrades and system changes.

Despite lighter reporting obligations, the FCA has made clear that supervision isn’t easing. Recent enforcement actions and a joint FCA Bank of England taskforce highlight continued focus on market integrity and accurate reporting.

A flexible supervisory approach begins in August 2026, giving firms the option to adopt the new rules early. Draft schema and validation rules are expected in October 2026, providing the next key milestone for firms preparing for the transition.

Here at RHR, we partner with a number of businesses in this sector, helping achieve results like this by supporting the growth of internal teams.

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What this means for hiring. Firms face IT upgrades and system changes before the new rules start. That means work for regulatory reporting, compliance and change specialists over the next two years.