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20. CP25/32 Decoded: The Biggest Transaction Reporting Changes Since 2018

The FCA's CP25/32 is the most consequential UK transaction reporting consultation since the regime launched, and you have until 20 February 2026 to respond.

/ Summary

As a named respondent to its predecessor DP24/2, Control Now decodes every major proposal, including the 20% cut in transaction report fields (65 down to 52), the 23% cut in instrument reference fields (48 down to 37), the 33% reduction in default back reporting (five years down to three), the removal of 6 million instruments from FIRDS (£31.5m saving) and the entire descoping of FX derivatives (£56.7m saving, over 400 UK firms affected). We unpack the single sided reporting revolution, the cut from 10 to 4 transmission fields and the seven specific UK and EU divergence areas, alongside the FCA's £745.5m ten year net benefit estimate. You will leave with the six critical consultation questions every firm should respond to, a 'what CN said versus what FCA proposed' comparison, an Excel cost saving calculator and an implementation timeline running through Q4 2027.

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