Transforming data collection communication to firms – 23 March 2023

The Bank of England (BoE) has published a press release to provide an update on the progress of the joint transformation programme, which is being led by the Bank of England and the Financial Conduct Authority (FCA) to transform data collection from the UK financial sector. The programme’s vision is that „the Bank of England and the FCA get the data they need to fulfil their mission, at the lowest possible cost to industry“. The programme is conducted in phases with each phase covering selected reporting areas with selected use cases.
Among others, the update now informs of the following progress:
– Commercial Real Estate (CRE) data: The discovery work identifying challenges as regards the access to and quality of CRE data has been completed and a project roadmap for „draft product and service designs“ has been developed.
– prudential data collection from solo regulated firms (SRPDC): The discovery work identifying challenges of firms in their reporting has been completed and the stage for designing a corresponding use case will be started in March 2023.
– Retail Banking Business Model Data (RBBMD): The discovery work for identifying key pains of regulated firms is currently underway (launch was January 2023). The regulators hope to come up with first recommendations by summer 2023 following an initial testing of proposed solutions.
– Incident, Outsourcing and Third-Party Reporting (IOREP): This work has just picked up in March 2023 (discovery stage) and will involve the assessment of key challenges faced by the industry when preparing these reports and will involve the exploration of options to improve the design of the reports.
– Quarterly Derivatives statistical return (Form DQ): Three recommendations „for the Quarterly Derivatives statistical return (Form DQ) use case“ are taken forward by the BoE, including recommendations as to
– the improvement of the reporting instructions and the reporting landing pages and
– the standardization of the classification of counterparties.
– Financial Resilience Survey (FRS): In this context, the Bank notes improvements both in the design of the survey (form), the accompanying statement explaining the reason for collection, and the navigation of the document. Additionally, improvements are envisioned and currently being tested in the data collection process.
Apart from the above updates, the Bank of England also briefly outlines the content of a recent meeting of members of the joint transformation programme at the FCA in Stratford.