In 2020, the Bank carried out a Data Collection review. The review aimed to understand issues facing industry when supplying the regulators with data, issues the regulators face with receiving and using data, and what collectively could be done to tackle those issues.
The Bank published its views in ‘Transforming data collection from the UK financial sector: a plan for 2021 and beyond’ (Transformation Plan) on 23 February 2021.
The Transformation Plan sets out the programme's vision and the key reforms it needs to address to achieve that vision.
Regulators get the data they need to fulfil their mission, at the lowest possible cost to industry
Central to achieving our mission are three key reforms
Defining and adopting common data standards
Modernising reporting instructions
Our joint transformation programme
Central to the plan to deliver the reforms and wider vision for transforming data collection is our joint transformation programme. Alongside Bank and FCA colleagues, the programme comprises industry participants with a wide range of knowledge and experience, drawn from across the financial sector.
The programme launched in July 2021. Work began to design and test solutions to address the issues faced with today’s data collection processes.