In 2019, as part of its response to the Future of Finance report, the Bank committed to carrying out of a review of Data Collection from the UK Financial sector. The review sought ways “to decrease the burden on industry and to increase the timeliness and effectiveness of data in supporting supervisory judgements”.
The aim of the review was to shape the evolution of reporting over the next 5-10 years, so its goals were long-term. It had a wide scope. The review covered structured data used by our regulatory, statistical, and markets and banking teams. To launch the review, we published a discussion paper (DP) on Transforming data collection from the UK financial sector.
The discussion paper and review findings drew on ideas explored in the Future of Finance report and the pilot on digital regulatory reporting (DRR). The Bank hosted a webinar on 29 January 2020 that covered the main aspects of the DP and offered the opportunity to ask questions.