We are working with the Bank of England and industry to transform how we collect data from the UK financial sector.
Our aim
Our work with firms on digital regulatory reporting, and the Bank of England’s data collection review showed that data collection presents many challenges for both us and those we regulate.
We recognise that reporting is one of the most demanding parts of regulation, and the quality of data that we receive is not always to the standard that we expect. Our data needs have also evolved as technology and business models have changed.
To address these issues, we have developed a joint transformation programme with the Bank of England. This will identify how data collection should improve to increase the value and reduce the burden to firms.
We see many benefits in working closely with firms and industry to make sure that our data collections are worthwhile and valuable for regulators and industry.
Our three areas of focus:
- Integrating reporting to move to a more streamlined efficient approach to data collection.
- Modernising reporting instructions to improve how they are written, interpreted and implemented.
- Defining and adopting common data standards that identify and describe data in a consistent way.
Outcomes
In March 2024, the Transforming Data Collection programme published the phase 2 recommendations, the regulator's response to those recommendations and the future strategy for the programme.
Building on the learnings from the joint transformation programme, the FCA is working on several projects to improve data collection. They contribute to five outcomes:
- Data collections meet and are proportionate to regulators’ needs.
- Effective and efficient internal processes for creating data collections.
- Efficient processes and support for meeting regulatory obligations.
- Clear and consistent data definitions.
- Modern systems to underpin data collections.
Read the recommendations in full[1].
Read the Bank and FCA’s joint response and future strategy[1].
FCA transforming data collections
We are delivering several initiatives to help meet outcomes:
- My FCA[2] - One regulatory reporting portal to improve and simplify firm experience. This includes a single sign in and improving navigation to tasks.
- Data Decommissioning - Ensuring we collect the data we need to achieve our regulatory objectives. We have removed the need for firms to provide nil returns, reduced the frequency of returns and decommissioned data collections, reducing firm burden.
- Enhanced Data Collections Platform - A new technical capability within RegData that allows firms to submit ad hoc requests to the FCA more easily.
- Next Generation Reporting – Will trial and implement innovative, technology-led solutions to streamline regulatory data collection, reduce firm burden, and strengthen supervisory capabilities.
- Data Standards Approach - Working with industry to adopt common data standards across the financial services sector.
Contact us
If you need any further information, please email us at: [email protected].
