Qomply has appointed Sophia Fulugunya as director of transaction reporting. She is based in London.
Fulugunya has more than eight years of industry experience and joins Qomply from regulatory consultancy firm Bovill, where she was a capital markets associate. Prior to this, she spent almost seven years with the Financial Conduct Authority as an enforcement and market oversight division management information coordinator and, later, an associate on the markets reporting team.
Earlier in her career, Fulugunya was an adjudicator at the Financial Ombudsman Service and a business account manager at Barclays.
The appointment follows recent enforcement action from the US Financial Markets Regulators, with three investment firms fined more than US $50 million for reporting failures. Qomply expects to see similar increases in enforcement actions in the UK, with several firms already receiving Section 166 notices that are often seen as a step towards more severe enforcement action.
Commenting on her appointment, Fulugunya says: “I am delighted to join a company that stands at the forefront of technological innovation in regulatory reporting. Regulations governing trade and transaction reporting are inherently complex and ever evolving, and, from my experience, many firms still grapple to fully comprehend the requirements.
“Regulators will continue to closely monitor firms' ability to effectively implement these changes, making tools like Qomply's invaluable for firms. Qomply’s technology empowers firms to have confidence that their reporting aligns seamlessly with the required standards.”
Michelle Zak, managing director at Qomply, adds: "[With Sophia’s appointment,] market participants will have access to a front-line expert in transaction reporting providing relevant guidance and insight. Sophia's background in transaction reporting, regulatory compliance, and financial services, particularly her experience with the FCA's Markets Reporting Team, demonstrates her in-depth understanding of regulatory requirements and market dynamics."
