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: '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:

  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. There are currently 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

There are still lots of opportunities to get involved with the joint work programme. If you would like to be involved with the governance or delivery of the programme, are currently working on a relevant initiative, or if you would like to find out more, please contact


The joint work 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. 

Our current phase kicked off in July 2021. ‘Discovery and design’ for phase one use cases will end in March 2022. An ‘implementation’ stage, to be largely conducted outside the joint transformation programme, will run from July 2022 until Q2 2023.

Phase two of the programme, which will focus on new use cases, will begin in July 2022 and run in parallel with phase one. 

Phase one use cases

We have three use cases in scope of phase one (see latest news and updates for progress on each use case). Initially the programme had planned to have four use cases in phase one but the Liquidity Monitoring Metrics (LMM) tool use case was postponed due to a lack of resources. The reporting transformation committee took the decision to prioritise the programme resource on the other three use cases:

Reform the 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.

Deliver a commercial real estate (CRE) database

The CRE industry have a long running project looking to create a database on the CRE market. We hope delivery of this project will help us meet our reporting needs. Aligning with this project will allow us to develop common data standards in two core areas in the financial sector: loans and property. This in turn will help improve the quality of data in a market that is important to monitor for financial stability purposes. 

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.

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 three delivery groups: a core delivery team, a design advisory group and a user/product owner 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 committee and delivery group, 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. 

The joint transformation programme is currently considering ways to bring third party suppliers to reporting firms into the programme. Further details on this will be available by end of October 2021.

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 and the minutes from each meeting are published. 

  • Pardeep Bhatti, Metro Bank
    Paul Burleton, BNY Mellon
    Jacqueline Davies, TSB Bank
    Richard Dunne, RSA Group
    Mark Hutchison, Scotiabank
    Mark Jones, Cambridge & Counties Bank
    Alexander Leggeat, Goldman Sachs
    Robert McBride, Lloyds Banking Group
    Ruaidhri McInerney, Macquarie Group
    Derek Paine, Mizuho International plc
    David Palmer-Lewis, Principality Building Society
    Kamal Patel, Barclays Group
    Robert Pengelly, Nationwide Building Society  
    Charles Resnick, Clear Bank
    Daniel Sadler, ABI
    Angel Serrano, Santander
    Simon Shapiro, HSBC
    Tammy Solomon, Investec Bank Plc
    Robert Thickett, Building Societies Association 
    Paul Thirtle, NatWest
    Andrew Turvey, Belmont Green
    Richard Walker-Smith, Bank of America

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 and the minutes from each meeting are published. 

  • Dawd Abdul Haque,  Deutsche Bank
    Ffion Ackland, Goldman Sachs
    Julian Batt, Bank of America
    Gabriel Callsen, International Capital Market Association (ICMA)
    Andrew Douglas, DTCC
    Rich Evans, FIX Trading
    Lee Fulmer, UBS
    Liz Henderson, NHBC
    David Holland, Coventry Building Society
    Caroline Lewis, Lloyds Banking Group
    Corinne Powley, Phoenix Group
    Lewis Reeder, BNY Mellon 
    David Shone, ISLA
    Ian Sloyan, ISDA
    Tammy Solomon, Investec Bank Plc
    Emma Tan, JP Morgan
    Andrew Turvey, Belmont Green
    Richard Young, Chair of British Standards Institution Financial Services Committee (IST/12)

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. 

Design Advisory Group

The Design Advisory Group supports the Core Delivery Group by reviewing the materials and artefacts produced, and participates in solution design workshops, where useful.

User/Product Owner Group

The User/Product Owner Group helps to develop a list of user requirements, assists the team in prioritising these requirements, gives feedback on the proposed solution designs, and considers the applicability of issues and solutions to future use cases.

  • Association of British Insurers
    Bank of America
    Belmont Green
    BNY Mellon
    Building Societies Association 
    Cambridge & Counties Bank
    Clear Bank
    Coventry Building Society
    Credit Suisse
    Depository Trust & Clearing Corporation
    Deutsche Bank
    FIX Trading
    Goldman Sachs
    International Securities Lending Association
    International Swaps and Derivatives Association
    Investec Bank Plc
    Lloyds Banking Group
    London Metal Exchange
    Macquarie Group
    Metro Bank
    Mizuho International plc
    National House Building Council
    Nationwide Building Society  
    Phoenix Group
    Principality Building Society
    RSA Group
    TSB Bank
    Virgin Money
    Wells Fargo London Branch

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 Firm Role
    Lee Fulmer (Chairperson) UBS Chief Data Officer, UBS Investment Bank
    Ankur Agrawal AXA Director of Technical Performance Management
    Luke Ashton Barclays Group Chief Data Officer
    Roshan Awatar Lloyds Banking Group Group Chief Data and Analytics Officer (interim)
    Paul Barrett AIG 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 ABI Director of Regulation
    Graham Cohen BNY Mellon EMEA Controller
    Richard Dunne RSA Group Global Head of Regulatory Reporting
    Alastair Hall Legal & General Group Plc Group Finance Reporting & Operations Director
    Rakshit Kapoor Santander Chief Data Officer
    Shane Kingston Brit Insurance Group Chief Risk Officer & Chief Actuary
    Scott O'Malia ISDA Chief Executive Officer
    David Palmer-Lewis Principality Building Society Accounting & Reporting Manager (currently acting up as Head of Financial & Regulatory Reporting)
    Andy Parsons Just Group PLC Group Chief Financial Officer
    Adrian Pearce Credit Suisse Group Chief Data Officer
    Corinne Powley Phoenix Group Head of Life Finance Data, Systems and Change
    Elaine Priest NatWest Head of Risk & Finance Data Transformation
    Charles Reindorf Bank of America Managing Director
    Charles Resnick ClearBank Head of Financial Control
    Simone Steel Nationwide Building Society Chief Data Officer
    John Tierney Nomura EMEA Chief Operating Officer

Nomination process

The nominations process for the joint transformation programme is now closed. The Bank and FCA are currently reviewing all nominations in line with our selection criteria.

There are still lots of opportunities to get involved with the joint transformation programme. If you would like to be involved with the governance or delivery of the programme, are currently working on a relevant initiative that you feel would add value to the programme, or if you would like to find out more, please contact

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 29 June 2022

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