Transforming data collection communication to firms November 2023

The Bank of England (the Bank) and the Financial Conduct Authority (FCA) are working together with industry to transform data collection from the UK financial sector. We are doing this through a joint transformation programme. 

In this publication we provide an update on the joint transformation programme since our last communication in July 2023 including: 

• a reflection on the year for the programme;
• the launch of our new website and branding;
• an update on the phase two use cases; and 
• an update on phase one recommendations delivery. 

Programme reflection 2023 

As the year draws to a close, we wanted to take an opportunity to reflect on the progress and achievements of the programme. 

In July, the Bank and FCA announced that they had met their commitment in delivering on the phase one recommendations. This was a big milestone for the programme. In meeting this commitment, benefits were delivered to both ourselves and firms. There is an update on the further delivery of the phase one recommendations later in this publication. 

We reached another milestone at the beginning of August with the publication of the Data Standards Review. The review, carried out by Ernst and Young (EY), was commissioned by the Data Standards Committee (DSC) during phase one of the programme. The DSC reflected on the conclusions from the report and developed a set of recommendations for the Bank and FCA. 

In their response, the Bank and FCA outlined the data standards activities they would take forward. Plans for these activities are being developed. Both the DSC recommendations, and regulator response were published alongside the review. 

The programme have held two successful Town Hall and networking events this year - one at the FCA in March and one at the Bank in July. Both events provided an opportunity for our stakeholders to get an update on the progress of the programme, hear from our senior leaders and get further insight into the work we are carrying out. It was great to see so many people in attendance, both in person and online, and the overall feedback received was positive.

Looking forward, the Bank and the FCA are working on a refreshed approach to deliver on the TDC vision which we anticipate being able to share in Q1 2024. The strategy will include what the next phase of the programme will look like and how the work being carried out will shape the future of data collection.

Website and branding launch

Before we get into our programme update, you may have noticed that this communication looks a little different to usual. That is because this communication has been published on our brand new website.

As we work towards transforming data collection, the joint transformation programme is working with industry in an open, collaborative, and transparent way. To help demonstrate this, we have created this website as a dedicated channel for the programme to share information about the work it is doing, and the progress being made. 

We have also created a brand identity for the programme. This is to help show the collaboration between the Bank, FCA and industry, and to further establish the website as the programme's communication channel. 

Over the coming months, we’ll be sharing more on this website about why we want to transform data collection, why we are working together to achieve this and how we are doing it. You’ll also hear from members of the team working on the programme, including our Accountable Executives, and members of our delivery teams.

We will be continuously developing and improving the website so if you have any feedback, please let us know via [email protected]. 

To find out more information about the programme, take a look around the website. If you’d like to receive the latest updates from the programme, you can join our mailing list by completing the form on our Contact Us page.  

Update on the phase two use cases

Since our last update, the programme has made good progress and a set of recommendations have been developed for the phase two use cases. 

The solution proposals from the programme’s delivery teams were discussed by the Reporting Transformation Committee and Data Standards Committee. The committees agreed which solutions they wanted to recommend to the Bank and FCA to take forward. 

The Bank and the FCA are now in the process of reviewing the recommendations and taking them through internal governance procedures. 

Due to the timing of the various internal governance group meetings, we will not be in a position to publish the phase two recommendations with the Bank and FCA response before the end of the year.

We now anticipate the publication in Q1 2024.  

Update on the phase one recommendations 

In July, the Bank and FCA announced that they had met their commitments in delivering on the phase one recommendations. As part of this announcement, the next steps for the recommendations were outlined and work has continued throughout 2023.

Quarterly Derivatives statistical return (Form DQ) - Better reporting landing pages 

One of the recommendations for the Quarterly Derivatives statistical return (Form DQ) use case was for better reporting landing pages. On 31 July 2023, the Bank launched the newly designed statistical reporting landing page, and dedicated landing pages for Form DQ and Form BT. 

All the newly designed landing pages provide an improved experience for users and support better navigation. This is achieved through having a more logical structure, clearer headings, and the surfacing of critical information from existing documents.

Both pre and post launch of the pages, we have carried out testing to understand user experience. We have done this through interviews and surveys. The feedback has shown that the pages have been well received and the Bank has agreed to roll out the design across all the remaining statistical reporting forms. 

The expectation is that all the newly designed pages will be live in Q1 2024.  

Financial Resilience Survey

In response to the recommendation for the FRS use case, RegHub portal & homepages, the FCA instructed a third party to carry out further discovery work to explore and answer questions raised in the initial discovery. Research was carried out with a representative sample of over 50 firms from all sectors and sizes. Participants shared insights into their current experience and from this focus area opportunities were identified, categorised, and distilled into a set of user needs. 

The discovery also showed four key focus areas, which are centred around transparency; guidance and support; a streamlined user experience as well as clear and efficient data collection. These along with the insights discovered form a series of recommendations.  

The FCA is now considering the recommendations with a focus on firm experience across FCA platforms, considering both short and medium term outcomes.  

Future programme communications 

The joint transformation programme is committed to working in an open and collaborative way. We will provide regular updates and blog posts from the programme via our website. 

If you would like to sign up to our mailing list, please complete the form on our Contact Us page.