The U.K.’s financial regulator has simplified the requirements around transaction reporting—which helps detect market abuse and other financial crimes—as part of a drive to cut “duplicative or low-value reporting.”

The Financial Conduct Authority (FCA) said the move will save the industry around £108 million ($145.3 million) per year.

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Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...