FCA And BoE Published Data Collection Transformation Updates

The Bank of England (BoE) and the Financial Conduct Authority (FCA) have met their promises for phase one of the joint transformation program Transforming Data Collection (TDC).

The TDC went live in July 2021, and its goal was to change how data from the UK financial industry was collected. The plan was set up over a two-year period to bring about real changes and lay the groundwork for bigger ones.

The first part of the plan ran from July 2021 to August 2022. This stage was a discovery and design stage that looked at the Financial Resilience Survey. This survey is a post-pandemic collection of specific data points from FCA companies that is used to monitor prudential risk. The plan said that the recommendations from this step would have to be done by July 2023, which they have now done.

There are seven main suggestions, which are:

Better reporting landing pages, Instructions for reporting have been changed.

Standardization of how to classify counterparties RegHub interface & homepages At first glance, a firm view Future Financial Resilience Survey Design that makes sense

Phase two of the plan started in September 2022, and the goal was to look into some use cases. The four uses that are being looked into are:

Retail Banking Business Model Data (RBBMD), Strategic Review of the Collection of Prudential Data (SRPDC) and IOREP stands for Incident, Outsourcing, and Third Party Reporting for Commercial Real Estate (CRE) data.

The results of the use case investigations are expected to be published by Q4 of 2023.