BoE and FCA deliver on Transforming Data Collection phase one commitments

BoE and FCA have published an update on their joint Transforming Data Collection (TDC) programme, concerning:

• Delivery of their phase one recommendations;
• Progress of the phase two use cases;
• The Data Standards Review; and
• The future of TDC.

At the end of the phase one discovery and design work, the programme made certain recommendations which BoE and FCA agreed to take forward in seven solution recommendations.

BoE has delivered on three recommendations for the Quarterly Derivatives statistical return (Form DQ) use case:

• Better reporting landing pages – a feedback survey will soon be launched to measure user experience, and if the pages are well-received, they may be rolled out across all statistical returns;
• Restructured reporting instructions – initial testing has been well-received, but further development is required. BoE expects to publish next steps for this solution in Q1 2024; and
• Counterparty classification standard – BoE is still developing the concept.

FCA has delivered on four recommendations for the Financial Resilience Survey (FRS) use case:

• RegHub portal and homepages – initial focus for implementation will be on firm experience across FCA platforms. Further investigation with BoE is required for implementing a unified firm experience across all regulatory interactions;
• Firm view at a glance – FCA have created a visualisation of the data firms submit. Initial feedback has been that this type of visualisation would be a very useful feature, and FCA will now present this to a wider set of firms;
• Future Financial Resilience Survey – to reduce the burden on firms, FCA has reduced the questions asked in the survey from thirty to six. Final rules will be published this summer with the new return expected to go live in Q1 2024; and
• Intuitive form design – improvements have been made to forms CCR007 and FSA038, and FCA is implementing a new process for designing forms for all new regular collections.

On phase two, BoE and FCA highlight that all use cases – Retail Banking Business Model Data (RBBMD), Strategic Review of Prudential Data Collection (SRPDC) and Commercial Real Estate (CRE) data – are at the design stage, with the exception of Incident, Outsourcing and Third Party Reporting (IOREP), which is in the discovery stage.

EY have completed produced a report setting out the conclusions from their review of data standards in financial services. The Data Standards Committee have written a set of recommendations to BoE and FCA, who are currently in the process of writing a response, outlining the actions they will take to address each of the recommendations.

BoE and FCA will be hosting a town hall at BoE on the progress of the programme.