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BoE and FCA release data collection transformation update

BoE and FCA release data collection transformation update

The Bank of England (BoE) and Financial Conduct Authority (FCA) have met their phase one commitments in ongoing delivery of the Transforming Data Collection (TDC) joint transformation programme.

The TDC was launched in July 2021 with the aim of transforming data collection from the UK financial sector. The plan was set out over two years to provide tangible change and lay the foundation for larger transformations.

Phase one of the programme ran between July 2021 and August 2022. This stage was a discovery and design stage looking at the Financial resilience survey, a post-pandemic ad-hoc collection of select data points from FCA firms, used for prudential risk monitoring. The plan indicated the deadline for delivering on the recommendations from this stage would be July of 2023, which they have now met.

There are seven key recommendations which include:

  • Better reporting landing pages
  • Restructured reporting instructions
  • Counterparty classification standardisation RegHub portal & homepages Firm view at a glance Future Financial Resilience Survey Intuitive form design

Phase two of the plan began in September of 2022, with the aim of investigating certain use cases. The four use cases being investigated are:

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

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

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