Transforming data collection from the UK financial sector

Published on 07 January 2020

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.

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 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.

Play Transforming data collection webinar video

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