Data Standards Review with recommendations and Bank of England and FCA response
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The Bank of England (the Bank) and the Financial Conduct Authority (FCA) are leading a joint transformation programme with industry to transform data collection from the UK financial sector.
The programme’s vision is that 'regulators get the data they need to fulfil their mission, at the lowest possible cost to industry'. One of the programme’s key reforms, central to achieving this vision, is the increased development and adoption of common data standards throughout the financial sector.
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.
More information about the Data Standards Review and how industry were able to participate can be found in our October 2022 publication.
Report and recommendations
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.
Response to recommendations
The joint response represents the views of the Bank and the FCA. They have agreed to accept most of the recommendations set out by the DSC and will work collaboratively with the programme to identify ways to take these forward.
The Bank and the FCA need to consider how this work will be funded and resourced before making any commitments on timelines. An update will be provided on the scope and timelines in the next phase of our joint transformation programme in Q1 2024.