The BoE and FCA have published an update on their joint transformation programme aimed at improving the data collection process for regulators and firms. They published their original transformation plan in 2021 and have been working with industry since then. The regulators have now published the latest industry recommendations for the phase two use cases.
The new publications look at how the programme will work to meet the 5 outcomes identified as key, and particularly how to address issues that industry has raised, such as:
- inability of firms to self-validate that the data they submit is correct;
- inability of firms to attached commentary or assess plausibility of data;
- difficulties in understanding reporting rules;
- the burdens on firms of large amounts of data requests, and the disruption in terms of time and cost of ad hoc requests; and
- lack of measurement in existing data systems and processes.