The joint transformation programme is central to delivering the key reforms and achieving our vision of transforming data collection. 

Our approach

The joint transformation programme is being run in line with the Government Digital Service’s industry-standard Service Design Approach (the SDA)

We are running our programme in ‘phases’ with each phase being made up of a number of use cases. A use case is a collection, set of collections or aspect of a data collection. Each use case will, in turn, pass through a ‘discovery and design’ stage, where we will explore issues and design solutions, before progressing to an ‘implementation stage’. 

Group of people working
A male writing on post it notes on a whiteboard

Phase one of the programme started in July 2021 with a ‘discovery and design’ stage for the chosen use cases. This stage ended in March 2022 with the programme making recommendations for the use cases to the regulators. 

The recommendations were taken through the Bank and FCA's internal governance procedures and a commitment was made to deliver by July 2023.

An ‘implementation’ stage, largely conducted outside the joint transformation programme, ran from September 2022 until July 2023. At the end of this stage, the Bank and FCA confirmed they had met their commitment in delivering on the phase one recommendations.  

Phase two of the programme is focusing on four new use cases. It began on 22 September 2022 and has run in parallel with the phase one implementation stage.  

Our use cases

Quarterly statistical derivatives (DQ) return (phase one use case)

The quarterly derivatives returns, submitted by 20-odd firms with liabilities over £10billion, summarise marked-to-market valuations of derivative positions at the end of each quarter. The data are primarily used by the ONS for national balance of payments statistics.

Financial resilience survey (phase one use case)

In June 2020, the FCA commenced a regular quarterly financial resilience survey for solo-regulated firms. This use case will focus on opportunities to improve data quality, increase transparency about how the data is analysed, and consider how to transition the survey into RegData.

Commercial Real Estate data (phase one and two use case)

Started as a phase one use case and continued into phase two. Getting hold of good quality commercial real estate data is crucial for the Bank's ability to monitor prudential risk in the financial sector.

Incident, Outsourcing and Third Party Reporting (phase two use case)

Ensuring the operational resilience of the financial sector is a key priority for the Bank, PRA and FCA. However, operational resilience is currently an area where the regulators lack high quality consistent data.

Retail Banking Business Model Data (phase two use case)

Detailed product-level financial data collected is critical to support the FCA's competition objective and is reused by a variety of stakeholders across the organisation. The data is collected ‘ad-hoc’, and hasn’t been designed in an integrated way to best meet the needs of all of the users of the data.

Strategic Review Prudential Data Collection (phase two use case)

The prudential data the PRA and FCA get from firms is typically some of the most important data they receive. High level capital, liquidity, balance sheet and profitability metrics are a key indicator for how close a firm is to failure.

For more information on our phase one and two use cases, select the relevant button below.

Phase one use cases    Phase two use cases

Data Standards Review

An abstract image of a bank note

During phase one of the programme, the Data Standards Committee (DSC) commissioned a third-party review on the topic of data standards in financial services. The review aimed to identify the necessary conditions for achieving greater development and adoption of standards. The review was carried out by Ernst and Young (EY) and consisted of a public consultation exercise, interviews with relevant stakeholders and further research and analysis.

EY completed their review of data standards and produced a report setting out the conclusions from their analysis and proposed next steps in this area.

The DSC reviewed the final report from EY and reflected on its conclusions. In their role as the TDC programme’s industry forum in this area, the DSC produced a set of recommendations for the Bank and the FCA that focused on the proposals covered by the report’s conclusions.

This is Lee Fulmer, the Chairperson of the Reporting and Data Standards Transformation Board

This is a truly unique programme in terms of its approach. The best example of a real private/public collaboration I have seen globally in 20 years of working in financial services.

Lee Fulmer, Chairman of the Reporting and Data Standards Transformation Board