Transforming data collection from the UK financial sector

Data Collection Review

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”.

The review is underway with the Bank engaging with regulated firms and solution vendors to shape the evolution of reporting over a 5-10 year horizon.

Discussion paper

The first phase of that review was launched by the publication of the discussion paper (DP) on Transforming data collection from the UK financial sector. The paper did not put forward a preferred solution, but rather set out a framework for assessing the issues and an initial range of potential options. The options it discussed drew on ideas explored in the Future of Finance report and the pilot on digital regulatory reporting (DRR).

As well as reviewing the written responses to the questions set out in the discussion paper, we carried out a range of direct stakeholder engagement, including bilateral meetings and roundtable events. 

The first phase of the review ended on 20 May 2020 with the deadline for responses to the DP. 

Transforming data collection from the UK financial sector

Press release

Developing a transformation plan for data collection

During the next phase of the review, that will run until the end of autumn 2020, we will be working with industry to shape the feedback we have received into a transformation plan for data collection. The transformation plan will encompass a vision, approach and next steps.

Invitation to participate in stakeholder engagement

To develop the transformation plan, we will continue to carry out a range of direct stakeholder engagement, including bilateral meetings, roundtable events and industry working groups.

During this engagement we continue to be interested in speaking to individuals who are able to represent their organisations’ views and/or contribute relevant expertise in the 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 the industry working groups or any of the engagement channels to email DatacollectionDP@bankofengland.co.uk. 

Please note that participation in the industry working groups will require additional time and resource relative to other engagement channels. It will involve a series of meetings expected to be held in July, September and October of 2020. Preparatory work may also be required between working group meetings. Potential participants should consider their ability to commit time and resources to these meetings. 

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.

Webinar

The Bank hosted a webinar on 29 January that covered the main aspects of the Discussion Paper and offered the opportunity to ask questions. The recording can be accessed at the link below. If have any questions on this or related subjects covered by the Discussion Paper please contact DatacollectionDP@bankofengland.co.uk.