Context
The FCA has updated its ‘Transforming Data collection’ web page to include some details of data collections that it is transforming.
Key points to note and next actions
The FCA is delivering several initiatives to help meet outcomes:
- My FCA – one regulatory reporting portal to improve and simplify firm experience. This includes a single sign in and improving navigation to tasks.
- Data Decommissioning – ensuring the FCA collects the data it needs to achieve its regulatory objectives. It has removed the need for firms to provide nil returns, reduced the frequency of returns and decommissioned data collections, reducing firm burden.
- Enhanced Data Collections Platform – a new technical capability within RegData that allows firms to submit ad hoc requests to the FCA more easily.
- Next Generation Reporting – which will trial and implement innovative, technology-led solutions to streamline regulatory data collection, reduce firm burden, and strengthen supervisory capabilities.
- Data Standards Approach – working with industry to adopt common data standards across the financial services sector.