Transforming data collection from the UK financial sector

A discussion paper
Published on 07 January 2020

Discussion paper

In response to recommendations in the Future of Finance report, published in June 2019, the Bank committed to ‘launch a review in consultation with banks, insurers and financial market infrastructures to explore a transformation of the hosting and use of regulatory data over the next decade” to “seek ways to decrease the burden on industry and to increase the timeliness and effectiveness of data in supporting supervisory judgements”.

This discussion paper (DP) marks the launch of that review. The Bank intends this paper to be the start of a dialogue with regulated firms and solution vendors to shape the evolution of reporting over a 5-10 year horizon. The paper does not put forward a preferred solution, but rather sets out a framework for assessing the issues and an initial range of potential options. The options it discusses draw on ideas explored in the Future of Finance report and the pilot on digital regulatory reporting (DRR). 

Written responses to the discussion paper should be sent by email to DatacollectionDP@bankofengland.co.uk and should reach the Bank by 7 April 2020.

PDFTransforming data collection from the UK financial sector

Press release

Invitation to participate in stakeholder engagement

As well as seeking written responses to the questions set out in the discussion paper, the Bank intends to carry out a range of direct stakeholder engagement through the first half of 2020, including bilateral meetings, roundtable events and industry working groups.

Some of these events will be run jointly with the FCA, as we continue to work closely together to ensure that reforms to data collection are aligned.

We are interested in speaking to individuals who are able to represent their organisations’ views and/or contribute relevant expertise in the regulatory reporting, technology and data domains. This includes regulated firms, industry bodies, specialist third-party providers, professional advisors, standards bodies and other regulators.

We invite anyone interested in participating in such engagement to complete our form. The final closing date for nominations is one month prior to the close of the DP, on the 6 March. However, some bilateral meetings and roundtable events will take place prior to that date and so you are encouraged to return the form as soon as possible.

The industry working groups will involve a series of meetings expected to be held in May, June and July of 2020, most likely at the Bank of England. Preparatory work may also be required between working group meetings. Potential participants should consider their ability to commit time and resources to these meetings, and specify on the nomination form whether they want to be considered for the working groups in addition to the other engagement channels. 

The Bank of England will determine involvement in the engagement channels with the aim of achieving appropriate balance, diversity and experience of representation. Nomination does not guarantee inclusion.

Nomination form

  • Information we collect

    In this form the Bank of England (‘we’ or the ‘Bank’) collects personal data about you. This information includes contact details and professional information.

    Why we need your personal data

    We collect your personal data to allow us to organise a number of in-person events that relate to our discussion paper “Transforming data collection from the UK financial sector”. If you do not provide the information then you may not be able to participate in these events.

    What we do with your personal data

    We use the information to contact you in relation to the organisation of the events. Your information may be shared with other parts of the Bank of England for the purpose of the Bank’s business and related activities. We process your data as necessary for the performance of a task carried out in the public interest or in the exercise of official authority vested in the Bank.

    Where we hold events jointly with other organisations, such as the Financial Conduct Authority (FCA), we may share attendance information restricted to event co-ordination only.

    We will retain your data prior to and during the in-person events we run in relation to our discussion paper “Transforming data collection from the UK financial sector”. We will keep your personal data for 8 years from your last interaction with us.

    Your rights

    You have a number of rights under data protection laws, for example, you have the right to ask us for a copy of the personal data the Bank holds about you.  This is known as a ‘Subject Access Request’.  You can ask us to change how we process or deal with your personal data, and you may also have the right in some circumstances to have your personal data amended or deleted.

    To find out more about those rights, to make a complaint, or to contact our Data Protection Officer, please see our privacy page.

Webinar

The Bank will also host a webinar on 29th January at 2.30pm that will cover the main aspects of the Discussion Paper and offer you the opportunity to ask questions and contribute thoughts. We also look forward to gathering your views by using polling during the webinar session. This is open to all interested parties.

Register to attend the Webinar or receive a recording even if you are not able to join it live.

Webinar

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