Transforming data collection

We are working with the FCA and industry to deliver our plan to transform data collection from the UK financial sector.

Transformation Plan

In 2020, we carried out a Data Collection review. The review aimed to understand what issues industry face in supplying us with the data, what issues we face with receiving and using it, and what collectively we needed to do to tackle those issues. At the end of the review, we published our views in ‘Transforming data collection from the UK financial sector: a plan for 2021 and beyond’ (Transformation Plan) on 23 February 2021.

The Transformation Plan sets out our vision and approach to delivering improvements in data collection over the next decade. 

Our vision is that: 'Regulators get the data they need to fulfil their mission, at the lowest possible cost to industry.'

Central to achieving our vision are three key reforms:

  1. 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.
  2. 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.
  3. 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.

Find out more about the Data Collection Review.

We know delivery of our transformation plan will require initiatives both inside and outside the Bank. It will require changes to Bank processes and systems, as well as changes within firms. It will also require organisations to collaborate. This includes us working with the FCA and industry; as well as working with other authorities abroad. More information on the initiatives we are setting up with industry, and how we are engaging with external initiatives and bodies can be found below.

Our joint transformation programme

Central to our plan to deliver the reforms is our joint transformation programme. Work began in July 2021 to design and test solutions to address the issues we and industry face in today’s data collection process. 

Alongside Bank of England and FCA staff, the programme comprises industry participants with a wide range of knowledge and experience, drawn from across the financial sector. In the first phase of the programme there were around one hundred participants working across the programme. Following a nominations process, participants were selected by us, alongside the FCA, in line with our selection criteria

Phase two of the programme started on 22 September 2022. Nominations for phase two are now closed, however, there are still lots of opportunities for industry to get involved. If you would like to know more, please contact


The joint transformation programme is being run in line with the Government Digital Service’s industry-standard Service Design Approach (the SDA). This includes the use of Agile/Scrum project management techniques, and a focus on ‘human centric design’. We are running our programme in ‘Phases’ with each phase being made up of a number of use cases. Each use case will, in turn, pass through a ‘discovery and design’ stage, where we will explore issues and design solutions, and then an ‘implementation stage’ (Beta). A use case is a collection, set of collections or aspect of a data collection. 

Phase one of the programme started in July 2021 with a ‘discovery and design’ stage for the phase one use cases. This stage ended in March 2022. The recommendations for the phase one use cases have now been taken through internal governance processes and the Bank and FCA’s responses have been published. An ‘implementation’ stage, to be largely conducted outside the joint transformation programme, will run from September 2022 until Q2 2023.

Phase two of the programme, which will focus on four new use cases, began on 22 September 2022 and will run in parallel with the phase one implementation stage. 

Use cases

There are four use cases in scope for phase two: 

Incident, Outsourcing and Third Party reporting (OATP) 
Ensuring the operational resilience of the financial sector is a key priority for the Bank of England, PRA and FCA. However, operational resilience is currently an area where the regulators lack high quality consistent data. Policy makers are considering the development of new incident, outsourcing and third party reporting policies. You can find more information about the operational resilience policy on PS6/21 | CP29/19 | DP1/18 Operational Resilience: Impact tolerances for important business services. By considering the design of this reporting policy as part of the joint transformation programme, we can help ensure this critical data is delivered in a way that minimises the impact on firms. At the same time, we think the use case will provide a chance to explore how best to deliver ‘event’ driven collections, where a new report is triggered when a given event occurs.

Commercial Real Estate (CRE) database 
A phase one use case, getting hold of good quality commercial real estate data is crucial for the Bank's ability to monitor prudential risk in the financial sector. Work on the use case during phase one confirmed our initial hypothesis about CRE data: it’s crucially important data, but the current data we get is a poor fit for our needs, fragmented, and burdensome to collect. We think completing the design of an integrated ‘transformed’ commercial real estate collection is a critical stepping stone to the delivery of future use cases, for instance a consolidated loan collection.
Review Prudential Data Collection
For a prudential regulator, the prudential data the PRA and FCA get from firms is typically some of the most important data they receive. High level capital, liquidity, balance sheet and profitability metrics are a key indicator for how close a firm is to failure. On the flipside, these metrics are some of the most costly for firms to produce. We therefore think improving collection of prudential data will be critical for Transforming Data Collection (TDC) to be successful, with lots of opportunities to deliver value to firms and regulators. We think this use case, looking at prudential data collections from solo regulated firms, will inform potential future work looking at prudential data from dual regulated firms.
Retail Banking Business Model Data
The FCA currently collect detailed product-level financial data across the range of retail banking products and segments. The data is critical to support the FCA’s competition objective and is reused by a variety of other stakeholders across the FCA. But the data is currently collected ‘ad-hoc’, and hasn’t been designed in an integrated way to best meet the needs of all of the users of the data. The FCA want to move the collection to a regular collection, and design a new integrated collection that minimises burden on firms. Further, designing the ‘retail banking business model’ implementation as part of TDC will allow us to explore the extent to which business model data can be standardised within a tight scope of relatively homogenous firms.
Initially the joint transformation programme had planned to have five use cases for phase two. Due to a lack of resources, the decision was taken to reduce the scope of the Asset Reporting for Insurers use case and to focus on the insurers CRE assets. This work will now be part of the CRE use case.
There were three use cases in scope for phase one:
Quarterly statistical derivatives (DQ) return
The quarterly derivatives returns, submitted by 20-odd firms with liabilities over £10billion, summarise marked-to-market valuations of derivative positions at the end of each quarter. The data are primarily used by the ONS for national balance of payments statistics.
Commercial real estate (CRE) database

Please see description of the CRE use case above. 

Financial resilience survey (FCA use case)
In June 2020, the FCA commenced a regular quarterly financial resilience survey for solo-regulated firms. This use case will focus on opportunities to improve data quality, increase transparency about how the data is analysed, and consider how to transition the survey into RegData.

Earlier this year, the joint transformation programme made seven recommendations to the Bank and the FCA as a result of the work carried out during phase one. The recommendations are aimed to target a selection of issues that were identified for the Quarterly derivatives statistical return ‘Form DQ’ and the Financial Resilience Survey (FRS) use cases. The recommendations and the Bank and FCA’s response to the recommendations were published in July 2022. 

A critical part of the resource we need for the programme to be successful is industry resource. If you would like to or are interested in, providing resource for the programme, please contact
Committees and delivery groups

In order to work effectively with industry, the Bank and FCA have established a governance and delivery framework for the joint transformation programme. 

The work of the programme is carried out by two delivery groups: a Core Delivery Team and the Advisory Group. The programme is overseen by two committees: the Reporting Transformation Committee and the Data Standards Committee. 

A high level overview of the role of each of the committees and delivery groups, along with information about members (where appropriate), and participating firms can be found below. Further information on the role of the groups can be found in the Terms of Reference for the Governance and Delivery Groups.

A list of participants, minutes of the committees, committee packs and any output created and published by the joint transformation programme will be published. 

Third party suppliers to reporting firms will also be asked to contribute to the programme by way of workshops and request for input processes. If you are interested being involved in these and are not already on our mailing list please contact

Reporting Transformation Committee

The Reporting Transformation Committee focuses on overseeing the design of solutions for parts of the reporting process where the Bank, FCA and reporting firms interact directly. This will cover aspects of modernising reporting instructions and creating a better integrated end-to-end reporting process. 

The committee meets monthly in a mix of formal committee meetings and knowledge workshops. The minutes from each formal committee meeting are published. 

  • Richard Adnett, Royal London
    Nathan Beverley, Pension Insurance Corporation
    Rudi Damhuis, Legal and General
    Jacqueline Davies, TSB
    Ken Ellis, ClearBank Limited
    Ross Johnston, Westpac Bank
    Mark Jones, Cambridge & Counties Bank
    Sean Lane, Google Payment Limited
    Sandy Leggeat, Goldman Sachs
    Ruaidhri McInerney, Macquarie Bank
    Alison Morley, Barings
    Derek Paine, Mizuho International
    Susannah Parden, Barclays
    Robert Pengelly, Nationwide Building Society
    Muhammad Rehman, Bank ABC
    Daniel Sadler, Association of British Insurers (ABI)
    Joanne Seagrave, Tesco Bank
    Tammy Solomon, Investec
    Robert Thickett, Building Societies Association (BSA)
    Andrew Turvey (chairperson), Belmont Green
    Kenny Wong, One Savings Bank

Data Standards Committee

The Data Standards Committee is a forum for stakeholders including reporting firms, trade bodies and relevant standard setting bodies to discuss issues and propose solutions in the area of data standards.

The committee meets monthly in a mix of formal committee meetings and knowledge workshops. The minutes from each formal committee meeting are published. 

  • Ffion Acland, Goldman Sachs International
    Julian Batt, Bank of America / Merrill Lynch
    Naomi Beckett, UBS
    Jessica Bohane, NHBC
    Gabriel Callsen, International Capital Market Association (ICMA)
    Andrew Douglas (chairperson), DTCC
    Dawd Haque, Deutsche Bank
    Tom Jenkins, HSBC
    Angela Pearce, Pension Insurance Corporation
    Corinne Powley, Phoenix Group
    David Shone, International Securities Lending Association
    Nicola Sincock, Santander UK
    Tammy Solomon, Investec
    Claire Thompson, Legal & General
    Andrew Turvey, Belmont Green
    Brian Weber, JPMorgan Chase
    Richard Young, Bloomberg

Core Delivery Group

The Core Delivery Group undertakes the various activities related to the work programme: understanding problems through user research, mapping and investigating possible solutions, and designing aspects of the solutions. 

  • HSBC
    LLoyds Banking Group

Advisory Group

Members of the Advisory Group are expected to be Subject Matter Experts (SME’s). Their role will be to support the Core Delivery Group by reviewing the materials and artefacts produced, participating in solution design workshops and assisting the delivery team in prioritising the user requirements.

  • Association of British Insurers (ABI)
    AXA XL
    Bank ABC
    Credit Suisse AG
    Credit Suisse International
    Deutsche Bank
    Goldman Sachs
    Investec Bank
    Janus Henderson Investors
    Just Retirement Limited
    Lloyds Banking Group
    Virgin Money
    Wells Fargo

Reporting and Data Standards Transformation Board

Alongside the Joint Transformation Programme, we have set up the Reporting and Data Standards Transformation Board. The Board acts as a forum for discussing issues of common concern relating to reporting and the development of data standards to enable better reporting. The Board will consider issues and relevant initiatives beyond the scope of the joint transformation programme.

The board meets every four months and the minutes from each meeting will be published. 

  • Name



    Ankur Agrawal


    Director of Technical Performance Management

    Julie Ampadu

    Association of Professional Compliance Consultants

    Member and Chair

    Luke Ashton


    Group CDO

    Paul Barrett


    Chief Risk Officer

    Paul Chambers

    Standard Chartered Bank

    Group Financial Controller

    Samik Chandarana

    JP Morgan Chase

    Chief Data & Analytics Officer, Corporate & Investment Bank

    Charlotte Clark


    Director of Regulation

    Graham Cohen

    BNY Mellon

    EMEA Controller

    Richard Dunne

    RSA Group

    Global Head of Regulatory Reporting

    Lee Fulmer (chairperson)


    Chief Data Officer

    Alain Gaudeau

    Deutsche Bank

    CIO of Risk Finance and Treasury CIO of Enterprise Data Services

    Simon Gordon


    Global Head of Data and Reporting Services - Risk and Compliance Functions

    Alastair Hall

    Legal & General Group Plc

    Group Finance Reporting & Operations Director

    Ross Johnston

    Westpac Bank

    Head of Finance (Finance Controller) UK/Europe

    Rakshit Kapoor



    Shane Kingston

    Brit Insurance

    Group CRO & Chief Actuary

    Chris Miller

    Royal London Group

    Group Chief Data Officer

    Scott O'Malia


    Chief Executive Officer

    David Palmer-Lewis

    Principality Building Society

    Accounting & Reporting Manager (acting up as Head of Financial & Regulatory Reporting)

    Andy Parsons

    Just Group PLC

    Group CFO

    Adrian Pearce

    Credit Suisse

    Group Chief Data Officer

    Angela Pearce

    Pension Insurance Corporation

    Chief Data Officer

    Corinne Powley

    Phoenix Group

    Head of Life Finance Data, Systems and Change

    Elaine Priest


    Head of Risk & Finance Data Transformation

    Charles Reindorf

    Bank of America

    Managing Director

    Andrew Smith


    Head of Prudential Reporting

    Simone Steel

    Nationwide Building Society

    Chief Data Officer

    John Tierney



Data Standards Review

During phase one of the programme, the Data Standards Committee (DSC) commissioned a third-party review on the topic of data standards in financial services. The review aimed to identify the necessary conditions for achieving greater development and adoption of standards. The review was carried out by Ernst and Young (EY) and consisted of a public consultation exercise, interviews with relevant stakeholders and further research and analysis.

EY completed their review of data standards and produced a report setting out the conclusions from their analysis and proposed next steps in this area.

The DSC reviewed the final report from EY and reflected on its conclusions. In their role as the TDC programme’s industry forum in this area, the DSC produced a set of recommendations for the Bank and the FCA that focused on the proposals covered by the report’s conclusions.

Nomination process

Nominations for phase two of the joint transformation programme are now closed. Any nominations submitted before 3 March 2023 are being processed and outcomes will be communicated.


We will publish details of the nominations process for phase three of the joint transformation programme later in 2023.


If you have any questions or would like any further information, please email

Aligning with other initiatives

Alongside the joint transformation programme, we are working on internal improvements to data collection and collaborating with on-going data collection change projects. This includes working with colleagues in the PRA on relevant regulatory reporting initiatives. We also recognise our reform agenda overlaps with other private and public initiatives looking to make similar changes, particularly on the topic of common data standards. We are keen to coordinate and align with those initiatives with similar goals. 

If you are working on a project with relevance to our reform agenda, we would like to hear from you. To do so please contact us at:

How to get involved

As we work towards transforming data collection, the joint transformation programme is working with industry in an open, collaborative and transparent way. This will ensure we have the widest possible set of views to get the best solutions to the issues we are tackling. There are still lots of opportunities to get involved.

If you would like to be involved or would like to find out more, please contact

This page was last updated 17 August 2023