Jessica Rusu, FCA, Chief Data, Information and Intelligence Officer
We are working with the Bank of England and industry to transform how we collect data from the UK financial sector. We want to make better use of data to spot and stop harm faster, and drive better outcomes for consumers and markets. We also know that reporting is one of the most demanding parts of regulation.
Regulatory data needs have evolved as technology and business models have changed. The quality of data that we receive is not always to the standard that we expect. We want to make sure that our data collections are worthwhile and valuable for regulators and industry. So we developed a joint transformation programme with the Bank of England to identify how data collection processes can improve, to both increase the quality while reducing the burden on firms.
At the end of last month, the Transforming Data Collection (TDC) programme published its latest update to industry. This included the Bank and FCA’s future strategy for TDC, the industry recommendations for the phase two use cases and details of the programme’s new industry governance groups. Building on the lessons from the start of the programme, the Bank and FCA are now planning several projects over the next 18 months to improve data collections and contribute to 5 outcomes:
- data collections meet and are proportionate to regulators’ needs
- effective and efficient internal processes for creating new data collections
- efficient processes and support for meeting regulatory obligations
- clear and consistent data definitions
- modern systems to underpin data collections
More information on these projects can be found on the TDC website.
As the focus shifts to delivering improvements in reporting, the governance structures through which industry engage with the programme have also been redesigned. More information on industry engagement and how firms can be involved in these changes can be found on the TCD website.
We look forward to working with firms to continue to improve the way we collect data.
Source: FCA
