Context
The FCA has provided a March 2024 update to its Transforming Data Collection webpage. Transforming Data Collection is a joint transformation programme between the FCA and the Bank of England, which identifies how data collection should improve to increase the value and reduce the burden to firms. In working closely with firms and industry it wants to make sure that data collections are worthwhile and valuable for both regulators and industry.
Key points to note and next actions
The update refers to the publication of the Phase 2 recommendations of the Transforming Data Collection programme and the regulators’ response, which confirms the work that will be carried out over the next 18 months and identifies the 5 outcomes the programme is working toward:
- Data collections meet and are proportionate to regulators’ needs.
- Effective and efficient internal processes for creating data collections.
- Efficient processes and support for meeting regulatory obligations.
- Clear and consistent data definitions.
- Modern systems to underpin data collections.