The Data Standards Committee was a forum during phase one and two for stakeholders to discuss issues and propose solutions in the area of data standards.
In order to work effectively with industry, the Bank and FCA have established a governance structure for the joint transformation programme.
Overview
Since the inception of TDC in July 2021, the Bank, FCA and industry have been working together to identify ways to improve the data collections process. During phase one and two, the programme was overseen by two committees: the Data Standards Committee and the Reporting Transformation Committee. The industry committees have been central to the work of the programme, making specific recommendations for future work
The programme's future focus is now shifting to delivering substantial improvements in reporting, and governance structures through which industry engage with the programme have been redesigned to reflect this. This new structure comprises of two groups - a TDC Advisory Board and an Industry Data Standards Committee (IDSC). It has been designed to allow for focused discussions that will inform the programme and help to shape future delivery. Here are links to each of the groups Terms of Reference: TDC Advisory Board Terms of Reference and the IDSC Terms of Reference.
An overview of each group can be found below.
TDC Advisory Board
The Bank and FCA will use the Board to update industry on the strategic direction of TDC and receive feedback. The Board will provide industry views on new projects and inform the Bank and FCA on priorities for improving regulatory reporting. The Board will work with the Bank and FCA to establish working groups for specific subjects that the TDC programme is working on.
Industry Data Standards Committee
The committee will consider what data standards should be used when reporting to UK financial regulators and make recommendations on behalf of industry.