| Link(s): | Transforming data collection |
Context
The FCA has published a web page about how it is working with the Bank of England and industry to transform how it collects data from the UK financial sector. Its work with firms on digital regulatory reporting, and the Bank of England’s data collection review showed that data collection presents many challenges for both the FCA and those it regulates. The FCA recognises that reporting is one of the most demanding parts of regulation, and the quality of data that it receives is not always to the standard it expects. The Regulators’ data needs have also evolved as technology and business models have changed.
Key points to note
- The FCA has three main areas of focus:
- Integrating reporting to increase consistency in designing and delivering data collections for value, reuse, and efficiency.
- Modernising reporting instructions to improve how data is interpreted and implemented by firms.
- Defining and adopting common data standards that identify and describe data in a consistent way. These should be open and accessible for use by everyone.
- In 2022 the FCA will be broadening its engagement with solo regulated firms to support them in engaging with the programme.
- The FCA is keen to understand and address the challenges faced by firms in relation to data collection issues.
- The joint data transformation programme wants to work with industry in an open, collaborative, and transparent way. If you would like to be involved or want to find out more, please email TDCProgramme@fca.org.uk.
Next actions
None – for information and awareness