On 23 February 2021, we published ‘Transforming data collection from the UK financial sector: a plan for 2021 and beyond’ (Transformation Plan).
The Transformation Plan sets out our vision and approach to delivering improvements in data collection over the next decade.
Our vision is that: “The Bank gets the data it needs to fulfil its mission, at the lowest possible cost to industry.”
Central to achieving our vision are three key reforms:
a. Defining and adopting common data standards that identify and describe data in a consistent way throughout the financial sector. These common standards should be open and accessible for use by all who need them. We think their adoption will bring benefits well beyond reporting.
b. Modernising reporting instructions to improve how our reporting instructions are written, interpreted and implemented. There are a range of steps we think this will involve, from setting up better Q&A processes to potentially rewriting our instructions as code.
c. Integrating reporting to move to a more streamlined, efficient approach to data collection. This reform includes making data collection more consistent across domains, sectors and jurisdictions, and designing each step in the data collection process with the end-to-end process in mind.