BoE and FCA are leading a joint transformation programme with industry to transform data collection from the UK financial sector. They have published an initial set of recommendations from the programme and the response from the regulators.
In February 2021, the BoE and FCA published an update on their work to transform data collection. The update proposed to make major reforms to data collection over the next decade, in order to give regulators better quality data while minimising the burden of that data collection on firms.
The joint transformation programme made seven recommendations to the Bank of England and FCA.
The Bank and FCA agreed to accept all of the recommendations made by the industry committees in principle. For some recommendations, the Bank and FCA are keen to move to delivery of solutions immediately. For other recommendations, the joint transformation programme will need to explore the solutions further to understand how they might be delivered and the associated business case. If the Bank and FCA find that there is a business case, then they will add such recommendations to their future roadmap for transformation.