16 May 2023

Date of meeting: 16 May 2023 | Location: Financial Conduct Authority / Microsoft teams meeting

AM1 explained that he would be going on a period of leave, and that LD would also be doing the same shortly after. He explained that other senior colleagues are available to be points of contact and that the Bank of England (the Bank) and the Financial Conduct Authority (FCA) are recruiting people to fill their roles.

Item 3. Phase 2 forward agenda

AS outlined a draft timeline for the rest of phase 2 and explained that the next committee meeting would be in mid-June to discuss phase 2 solutions. Additionally, the team anticipated inviting committee members to participate in user testing of solutions emerging from the Commercial Real Estate (CRE) use case, allowing them to give real-time feedback.

AS explained the forecast calendar for committee meetings, noting that the team planned for the Reporting Transformation Committee (RTC) to begin discussing draft recommendations in mid-July. The team planned for the committees to firm up their recommendations at a September meeting.  

Item 4. Update on planning for after phase 2

AM1 gave an update on the planning for the TDC programme for after phase 2, explaining that the next phase will look quite different. He said that the programme is reaching the limits of its current use case-based approach and drawing on industry secondments. Rather than looking at use cases end-to-end, they should be focussing more clearly on a joint vehicle with specific solution capabilities that would be scalable across use cases. AM1 also said that phase 3 would shift resource from discovery and design to implementation and delivery. 

Key discussion points/comments:

• AT asked for further information on how engagement between the committee and programme team would work going forward.  
• DS emphasised that the programme needed to remain a joint transformation programme, and not just like the current consultation paper process that the Bank of England uses. AM1 said that the team would need to do further work around this but would ensure that there is engagement with industry throughout the programme.

Item 5. Phase 2 use cases – updates and discussion

Commercial Real Estate

MT presented the status of the CRE workstream, explaining that the team have identified a solution set, which has previously received positive feedback from both RTC and DSC. The team have prioritised among potential solutions, to maximise achievability. The prioritised solutions include instructions clarification, end-to-end data quality management, a public data sharing mechanism, and a new data product for CRE, which would be the core solution. 

MT added that solution design workshops are in progress, with user testing imminently commencing and continuing throughout May and June. He said that firm-side user research is ongoing, with firms being sent a questionnaire on how they collect the data they submit. He also said that committee members’ participation in user testing will be requested in the coming weeks and that their feedback will be extremely valuable.

Action: TDC Secretariat to send out request for volunteers to do user testing for the CRE design solutions.

Key discussion points/comments:

• AT asked how the team would seek to address the previous problem statement regarding sharing data internally. MT explained that addressing this problem falls in the scope of another internal Bank project. AT asked whether it was possible to discuss that work in RTC. AM1 explained that internal changes are not brought to the RTC as it is not part of their Terms of Reference, but he would be happy to share what information if the committee are interested.
• DS asked how the firm questionnaire was targeted. MT said that a representative sample had been created of each type of firm, and that the questionnaire had been sent to an individual representing each type. He added that there are no limits on the number of firms that can take part, but there is a practical constraint on who can administer the survey within each firm. 
• Committee members asked for more detailed specifications around the design solutions in order to be able to provide more useful feedback. MT explained that the team was only part way through the design process and that a workshop is upcoming where committee members will be able to get more ‘hands on’.

Retail Banking Business Model Data (RBBMD)

CC gave an overview of the RBBMD use case. He told the committee the discovery phase had just finished, with the outputs being an ‘as-is’ journey map, identifying the emerging problem areas and a future to-be state. He ran through a proposed list of six proposed activities that will be conducted during the alpha phase, and explained that they are recruiting for extra resource for this. 

Key discussion points/comments:

• AT said that there were many activities on the alpha list, which were also dependent on getting new resources, and asked whether the team had thought about prioritisation. CC explained that the activities were dependent on each other, and that they will be moving forward with: an automated validated excel sheet, content improvement for definitions and guidance, and testing the feasibility of combining collection methods. He also said that once new resource arrives, they will check what data can be sourced elsewhere and how.

Incident, Outsourcing and Third Party reporting (IOREP)

Consultants from PA Consulting, who have been hired to carry out discovery and design work on the IOREP use case, gave an overview of their progress through the discovery phase. A cross-functional service design team has conducted over forty user interviews and synthesised outputs of these to get a clear picture of the as-is state. 

IO outlined the analysis of the interviews conducted and insights gathered from regulator users, stakeholders, and regulated firms across incident reporting, outsourcing, and third party reporting. She explained the possible opportunities for the next phase of work, including creating a structured dataset for incident reporting that could improve data quality, and cross-industry sharing that could improve industry response to incidents. 

Key discussion points/comments:

• AT questioned whether having multiple entry points to ensure that all firms can report incidents in a timely way is counterintuitive. IO confirmed that this subject was discussed in user interviews, but that the team was not yet solutionising; potential solutions would be discussed in forthcoming workshops.

SS gave an overview of the next steps of the project. He highlighted upcoming workshops, which would feed into development of high-level target state technical documentation and a target user experience. 

Key discussion points/comments:

• JH explained that once PA Consulting finish their work on the discovery and design phase, the Bank and FCA will hope to produce a consultation paper on IOREP reporting by the end of 2023, in order to implement IOREP. She said that this timeline is conditional on the outputs of the final target customer experience. 
• SS explained that PA Consulting are working with BoE until the end of August, and that from June until then they will be consolidating their knowledge and sharing that with the Bank of England.

Attendees 

Richard Adnett (RA), Royal London Group

Chris Caldwell (CC), Financial Conduct Authority (‘FCA’)

Laura Cusack (LC), Financial Conduct Authority

Jacqueline Davies (JD), TSB

Lauren Dixon (LD1), Financial Conduct Authority

Lisa Drake (LD2), PA Consulting 

Jo Hall (JH), Bank of England

Matthew Herry (MH), PA Consulting

Ross Johnston (RJ), Westpac Bank

Mark Jones (MJ), Cambridge and Counties Bank

Sean Lane (SL), Google Payment Limited

Jane Laughton (JL), Bank of England

Gareth Madge (GM), PA Consulting

Jim Mitchell (JM), Bank of England 

Ruaidhri McInerney, Macquarie 

Angus Moir (AM1), Bank of England

Alison Morley (AM2), Barings

Isadora Oliveira (IO), PA Consulting

Derek Paine (DP), Mizuho International

Destiny Patrick-Ogbu (DPO), Bank of England

Greg Ros (GR), Bank of England

Daniel Sadler (DS), Association of British Insurers

Joanne Seagrave (JS), Tesco Bank

Stephen Shine (SS), PA Consulting

Aaron Shiret (AS), Bank of England

Tammy Solomon (TS), Investec

Rob Thickett (RT), Building Societies Association

Matthew Thompson (MT), Bank of England

Andrew Turvey (AT), Belmont Green

Kenny Wong (KW), One Savings Bank

Other Bank and FCA staff observing

Apologies 

Chris Bouwers, Legal and General

Ken Ellis, Clear Bank

Susannah Parden, Barclays