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: 'The Bank of England gets the data it needs to fulfil its mission, at the lowest possible cost to industry.'
Central to achieving our vision are three key reforms:
- 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.
- 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.
- 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.