On 28 November 2022, the Bank of England (BoE) published a communication providing an update to firms on the joint transformation programme that it is conducting with the FCA to transform data collection from the UK financial sector.

In the communication the BoE covers the progress made with the joint transformation programme and the phase two use cases (involving commercial real estate data). It also provides an update on the Data Standards Review and provides information about a Town Hall event.

Among other things the BoE states that the ‘discovery’ stage for the Incident, Outsourcing and Third-Party Reporting (IOREP) use case will begin in Q1 2023. By considering the design of IOREP reporting policy as part of the joint transformation programme, the BoE and FCA believe that it can help ensure that this critical data is delivered in a way that minimises the impact on firms. At the same time, the regulators feel that the use case will provide a chance to explore how best to deliver ‘event’ driven collections, where a new report is triggered when a given event occurs.