Transforming data collection – Data Standards Review with recommendations and Bank of England and FCA…

The BoE and FCA have jointly started working on a standardisation of data so that end-users can receice the best quality data at the lowest price (please see EventID#22071). Following phase one, the Committee has appointed EY as an independent third-party for a review. The Committee then created a list of recommendations for BoE and FCA.
The article lists out BoE’s and FCA’s responses to the produced recommendations on the following topics:
– Taxonomy and Metrics: a common taxonomy is necessary to describe the standards and a measurement technique of the tangibles (e.g. costs, benefits) will be discussed shortly
– Industry Data Standards Committee: the UK needs highly skilled experts to address and assess the standards put in place, including advisory and suggestions for necessary changes, adaptations and new standard implementations
– Role of the authorities: they should follow the public needs and assess them accordingly, in order to adopt market practices where relevant, they need to ensure that the standardisation is marketed properly and stress out that these recommendations are not yet a regulation
– Roadmap: will be published shortly