The BoE has published an update on its data collection transformation programme. The programme is a joint venture with FCA and aims to transform data collection within the UK financial sector.
Phase two of the programme began on 22 September, and it is focusing on the following new use cases:
- Incident, Outsourcing and Third Party reporting (OATP);
- Commercial Real Estate (CRE) database;
- Review Prudential Data Collection; and
- Retail Banking Business Model Data.
The mobilisation of CRE and Review of Prudential Data Collection started on 26 September and will last for four weeks. Following these use cases will be discovery and design stages. After this. the OATP and Retail Banking Business Model Data use cases mobilisation period will begin in the final quarter of 2022. These will also be followed by discovery and design stages.
EY has been commissioned to produce a review of data standards; they will submit this to BoE and FCA by the end of 2022. BoE and FCA have already accepted recommendations from the programme’s phase one. These include:
- The Quarterly derivatives statistical return ‘Form DQ’; and
- The Financial Resilience Survey (FRS).
If you would like to be involved or find out more, you can contact the programme via email: TDCSecretariat@bankofengland.co.uk.