Joint transformation programme: update and publications
The Bank of England (the Bank) and the Financial Conduct Authority (FCA) are working with industry to transform data collection from the UK financial sector through a joint transformation programme. In this communication we are providing an update on the joint transformation programme, highlighting the publication of a joint Dear CEO letter, and the phase one recommendations and response.
Dear CEO letter and response to recommendations
The Bank and FCA have published a joint letter today, addressed to CEO’s, providing an update on their decade long programme to transform data collection together with industry. The letter explains what the programme has achieved in its first year, what the programme is progressing, and what is needed from industry to continue the work to transform data collection. A huge thank you to all that have participated in the programme so far. You have been vital in making this first year successful.
Read the letter in full to find out more.
The letter accompanies the publication of the first set of recommendations for data collection changes, and the Bank and FCA’s response to those recommendations. The joint transformation programme’s industry committees proposed these recommendations following the work carried out during the ‘discovery and design’ stage of phase one.
The recommendations have been presented to a number of internal teams and governance committees within the Bank and the FCA in order to prepare a joint response representative of the views of stakeholders in both organisations.
The stakeholders in both organisations were very supportive of the recommendations, which they felt provided a balanced mix of shorter term wins and longer term transformational improvements.
As a result, the Bank and FCA are able to accept all of the recommendations made by the industry committees and take forward many of the recommendations immediately, whilst adding others to a pipeline of data collection change.
Nominations and plans for phase two
We are currently planning for phase two of the programme. Our work on phase two will sit alongside a number of data collection initiatives we will take forward as per our response to the phase one recommendations.
As we announced in April, phase two is due to start in September 2022. Subject to resource availability, we would like to explore five data collections as part of phase two.
A critical part of the resource we need for the programme to be successful is industry resource. The initial window for industry to nominate resource opened in April 2022 and closed last month.
We received a really good response from firms during the initial nominations window for the programme Committees and Advisory Group. These nominations are currently being reviewed in line with our selection criteria.
That being said, to make sure we have representation from the wide range of firms across the financial sector, we are interested in further expanding these groups. If you are interested in providing resource for one of the programme Committees or the Advisory Group, please email TDCSecretariat@bankofengland.co.uk
We have had some commitments for full time resource for the Core Delivery Group. We would like industry to contribute more full time resource to the programme to continue its work to transform data collection. If you are interested in providing full time resource for the programme, please email TDCSecretariat@bankofengland.co.uk
Our April communications gave more information about the key roles and skills required for the programme’s Delivery and Governance groups.
Future joint transformation programme communications and updates
We are committed to working in an open, collaborative and transparent manner. The next communication from the joint transformation programme will be after the summer. In the meantime we will continue to publish minutes from the programme committee meetings. You can find all communications from the joint transformation programme on the Transforming Data Collection page.
If you would like to get involved, or get more information on how to get involved, including our resource needs in phase two, please get in touch by emailing TDCSecretariat@bankofengland.co.uk. We can provide a resource requirement overview and job descriptions on request.